Warren, Markey and Neal Applaud $1.5M HUD Loan Guarantee for Springfield's Downtown Dining District Loan Fund Project
Washington, DC - Today, United States Senators Elizabeth Warren and Edward J. Markey, along with Representative Richard Neal applauded the U.S. Department of Housing and Urban Development's (HUD) Section 108 Loan Guarantee to support Springfield's Downtown Dining District Loan Fund project. The project will create a low-interest fund and provide loans ranging from $50,000 to $200,000 to support new full-service restaurants and job opportunities in Springfield's business district.
"This federal support will help Springfield continue its efforts to revitalize downtown and grow the local economy," Senator Warren said. "I was glad to work with Mayor Sarno and the congressional delegation to help secure this award, and I look forward to seeing the project move forward."
"Since the devastating 2011 tornado, Springfield and its residents have continued to show resilience as they rebuild and revitalize the city. By leveraging this federal support from HUD, Springfield can continue to spur development in its business district, facilitate more public-private partnerships, and create permanent jobs in the community. I commend Springfield and HUD for partnering to make the city a culinary destination and to continue to revitalize downtown," said Senator Markey.
"From the restoration of historic Union Station in the city's north blocks, to the construction of MGM on Main Street, Springfield is experiencing a remarkable revival. Public and private investment in the central business district is creating jobs and promoting economic development. The city has now come up with an innovative plan to help entrepreneurs establish new restaurants downtown. This federal assistance from HUD will fund the program and give our local eateries a unique opportunity to grow," said Congressman Richard E. Neal.
Springfield Mayor Domenic Sarno stated, "Chief Development Officer Kevin Kennedy and I are very appreciative of Congressman Neal's, Senator Warren's and Senator Markey's continued efforts to provide for our City of Springfield. This Dining District project will continue to not only transform our downtown area, but also enhance and stimulate economic development in our soon-to-be-opened Innovation District area too."