Grossman Tours Cambridge Business Aided Through Loan Program
Medullan Inc. Office Expansion Result of Small Business Banking Partnership Loan
Treasurer Steven Grossman Tours Medullan Inc. Office in Cambridge
Treasurer Steven Grossman today took part in a ribbon cutting and tour of Medullan Inc. in Cambridge. Medullan is the recipient of an additional $100,000 line of credit made by Leader Bank of Arlington leveraged through the Treasury’s Small Business Banking Partnership.
“All across Massachusetts we are seeing successful businesses like Medullan grow and flourish under the Small Business Banking Partnership program,” said Treasurer Grossman. “I’m delighted to support small businesses that are leading the charge in our innovation economy while creating jobs right here in the Commonwealth.”
The Small Business Banking Partnership moves Treasury cash reserve funds typically held by large national and international financial institutions and deposits them in amounts of up to $10 million in Massachusetts banks. In exchange for the infusion of new deposits, the banks sign a Memorandum of Understanding (MOU) signaling their intent to enhance their loan portfolios to small credit-worthy Massachusetts businesses.
Medullan, Inc. is a comprehensive technology solutions consulting firm primarily serving the Healthcare and Life Sciences industries. The company was one of Boston Business Journal’s 2012 Pacesetters, named the 11th fastest growing private company in Massachusetts. Medullan is currently expanding its office space and is on track to hire an additional 35 employees.
The company was established in 2006 by Ahmed Albaiti.
“We believe that the Cambridge area continues to be one of the best business and technology hubs for our core team of health tech brainiacs, and we need 35 more this year as the company continues to scale,” said Geoff Seyon, Executive Chairman of Medullan. “Our growth however could not have been possible were it not for the support from state leaders like Treasurer Grossman. Entrepreneurial firms like Medullan are striving to hire and groom the next generation of leaders right here in New England.”
Leader Bank, headquartered in Arlington with five branches throughout the community, extended the line of credit to Medullan for additional working capital needs and the expansion of their new office space. The bank, which prides itself on community involvement and investments in local small businesses, opened in 2002 and was the first bank in the Commonwealth to announce a loan under Treasurer Grossman’s Small Business Banking Partnership in July of 2011.
“As a community bank, we feel it’s incredibly important to support emerging businesses like Medullan because they are the foundation of our future economy,” said Matthew J. Pierce, Senior Vice President at Leader Bank. Programs such as Treasurer Grossman’s Small Business Banking Partnership provide community Banks additional resources to meet the financial needs of such companies. We’ve worked with Medullan since 2008, and remain impressed with the dedication of the leadership team, the quality of clients they attract and their overall growth strategy. We value our relationship with Medullan, and are proud to play a part in their success.”
All deposits that the Treasury makes in these local community banks are protected through either insurance or collateral, and the interest rate on the money is comparable to what the Commonwealth receives at out-of-state financial institutions.