Jobs for Fall River

FALL RIVER

Jobs for Fall River, a private nonprofit organization, has provided economic development services to the City of Fall River over the past 30 years.

Over this period of time, JOBS has invested over $75 million low interest loans to over 520 businesses, resulting in the creation or retention of more than 14,000 jobs for low and moderate income workers.

In 1999, one of the loans ever made by The Life Initiative loans was to support a JOBS small business loan fund. The loan fund assisted a wide range of businesses including a bakery, woodworking shop, and a variety of manufacturing companies.

In 2003, JOBS began a new community development initiative designed to bring vitality back to the commercial heart of the city. JOBS identified key vacant, commercial and retail properties and began to acquire, renovate and lease them to new tenants. The former Cherry and Webb Department store, located on South Main Street in the City’s Central Business District, was a particularly important building targeted by JOBS because of its adjacency to the new state Court House, its size and its potential for reuse.

JOBS saw an opportunity to purchase the vacant Cherry and Webb building and approached TLI for acquisition and rehab financing.  Today, the Cherry and Webb building houses an adult learning center, law firms, a coffee shop and salon.  The vibrant mix of students, professionals and retail customers support the overall retail businesses and contribute to the increased vibrancy of the downtown.

In 2012, TLI refinanced the Cherry & Webb building, committing to another five years of partnership and investment in downtown Fall River.

• Small business revolving loan fund
• First mortgage permanent commercial debt financing