Since learning of the closure of Plant 5, the City of Lowell has focused its efforts on supporting the affected businesses. The Economic Development Office contacted all businesses in the factory to let them know that our team is here to help them find a new location in the city. We shared details of the Small Business Expansion Program, which provides $30,000 in forgivable loans to businesses that choose to remain in Lowell. These funds can cover rent, utilities, marketing, and other operating costs.
In addition, the Company is working hard to identify other sources of financing to assist with relocation and expansion costs for the Fifth Plant tenant. We also connected with property owners downtown who had available space, and the response was positive and supportive.
Although the closure of Plant 5 is a loss, Lowell is a resilient city. We are committed to supporting these business owners through this transition and enabling them to continue to thrive. In 2024, our Small Business Expansion Program awarded $420,000 to 14 Lowell businesses. We will continue to leverage programs like these to preserve and revitalize the businesses that have made Plant 5 a beloved part of our community.
If your business needs support, the Economic Development Office can help. You can contact us by phone at (978) 674-1437 or by email at DoBizInLowell@lowellma.gov. For more information on available programs and resources, visit https://lowellma.gov/724/Economic-Development. You can also stop by our office located within the Department of Planning and Development at 50 Arcand Drive and speak with someone in person. Our team will ensure you have the tools and support you need to succeed at Lowell.
