BUSINESS BRIEFS: Staples Reopening, SBA, Union Contract, Chambers Decry Guv Spending, etc.

SPONSOR OF Business Briefs in the Franklin Observer

The chamber serves the communities of Bellingham, Franklin, Holliston, Hopedale, Hopkinton, Medway, Milford, Mendon, Millis, and Upton. More information is available at https://www.tricountychamberma.org

[Editor's Note: Due to the holiday, there were no legal notices to post today in 'Recent Legal Notices]

Staples Bellingham Grand Re-Opening

Join the Tri-County Regional Chamber of Commerce for the Grand Re-Opening and Ribbon Cutting Ceremony at Staples in Bellngham, Wednesday, Nov. 29 at 11 am. The store has been updated and it's looking good! Have any Amazon returns? Bring them to this location for a $10 off $30 coupon. Bring your old electronics to the store and you'll receive a $10 off $30 coupon. Examples: calculators, batteries, laptops, chargers, gaming consoles, hard drives, keyboards, coffee brewers, digital cameras, etc.

Expect lots of great giveaways at this event - $100 Staples Gift Cards, Gift Bags, Refreshments & More! Everyone is welcome to attend...hope to see you there! Staples 204 Hartford Avenue Bellingham

SBA Lending Rising in MA

Robert H. Nelson, District Director for the U.S. Small Business Administration’s Massachusetts District Office announced fiscal year-end activity for Massachusetts last week. SBA lending across the Commonwealth saw an increase of 11.9% in combined 7(a)/504 flagship lending year-over-year. Total dollar amount, increased by 7.5% from $571,612.600 to $614,563,500. 7(a) approvals saw a sharp 27.5% increase of 306 loan approvals from 1,125 to 1,434; However, 504 approvals decreased by 39.9% or 135 loan approvals from 338 to 203. A bright spot for 504’s occurred in Western Massachusetts, where number of 504 loans increased by 71.4% from 21 to 36 approvals year-over-year. In addition, there was a positive increase of 65.9% in Microloan approvals which rose from 85 to 141 approvals in FY 23.

12,500 MA and RI Janitors Ratify Contract

A new union contract for 12,500 janitors in Massachusetts and Rhode Island was approved last week by 97 percent of the janitors who cast ballots. The newly ratified four-year agreement between Local 32BJ of the Service Employees International Union and the Maintenance Contractors of New England offers unprecedented hourly wage increases each year, the first of which will begin on January 1, 2024. The wage increases vary according to region, with about three-quarters of the workforce enjoying compounded pay increases of more than 18 percent over the life of the agreement. The contract also converts 500 part-time positions to full-time work in Boston and Cambridge, permitting many members cleaning biotech and higher education sites to access employer-paid health benefits for the first time. In addition, the agreement adds Juneteenth and one more day to workers paid time off, improves contributions to the pension fund, and protects all existing benefits.

MA Chambers Beg Legislators to Back Responsible State Spending

“State spending in Massachusetts, buoyed in large part by economic growth and tax revenues, grew at a breakneck speed over the last five fiscal years, dramatically outpacing inflation. Total general fund spending increased by 26.7 percent between FY 2018 and FY 2022; by contrast, the Boston area consumer price index (CPI) grew at just 14.7 percent over the same period.  The large gap between spending and CPI increases, even over a period with exceptionally high inflation, suggests that state spending is not limited to increased costs for employee salaries or goods and services. Instead, it is expanding each year and often on a large scale. Worth noting, even when accounting for the rapid pace of increases in health care spending – a significant share of which is reimbursed by the federal government – state spending still substantially outpaced inflation. This approach is not sustainable and not responsible.” – Partial statement from Massachusetts Chambers Policy Network

Quantum Computing Hailed as New MA Strength

Friday, leaders in the quantum computing community met in Boston for the 2023 Quantum Massachusetts Conference, hosted by the Innovation Institute at the Massachusetts Technology Collaborative (MassTech) based in Westboro. In partnership with The Quantum Insider, a pioneering market intelligence group, the event brought together thought leaders, computer engineers, investors, researchers, and public officials to discuss the emerging technology, its implications for future industries, and the opportunities for expanding the quantum ecosystem in Massachusetts.   “Massachusetts is becoming a hub for quantum computing thanks to our research prowess and the engineering talent at leading institutions across the state,” said Yvonne Hao, Secretary of the Executive Office of Economic Development. “We are committed to ensuring our state is leveraging the potential of this emerging technology to advance industries, create jobs, and support workforce development opportunities, while making Massachusetts more competitive.” Quantum computing is a new frontier of faster, more efficient machines that can solve complex problems today’s computers cannot.