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Thank you

Thank you one and all to everyone who helped make the Fourth Annual Chowder Festival on September 13th an unprecedented success!
 
Thanks to the 100 volunteers. Without volunteers working all year round willing to do every kind of chore, even providing water for thirsty dogs that come to the festival with their owners, there is no Chowder Festival.
 
Thanks to the restaurants and caterers who bring their best chowders, kale soup and stuffed quahogs.  Special thanks to those who bring more than the minimum requested amounts and to those who bring chowder AND kale soup AND maybe stuffed quahogs too or clam chowder AND seafood chowder. And to those who participate in the Chowder Festival AND Taste of Southcoast.  And to those who come back year after year.
 
Since 2006 over 65 restaurants, caterers, and food vendors have participated in DNB, Inc. festivals, giving very strong support to our organization. We ask our members and readers to return the support of these restaurants by visiting them all year round. When you are wondering where to go, just pick from our menu of participants. We know they are among the best in the area. Of the sixty some who have participated since the first Chowder Festival, more than sixty are still in business. That is an astonishing statistic given the failure rate for restaurants in general and the challenges of the economy in particular during the past couple of years when people have slashed their eating out budgets. Maybe they are spending less when eating out, but in the New Bedford area it seems that people are eating out enough to support a wide variety of food establishments.
 
Thanks to our sponsors. The lead sponsor for the Chowder Festival is Hygrade Ocean Products, Inc. Hygrade is a leading supplier of high quality scallops, fresh whole fish, and fillets.  
 
Thanks to the merchants who donated items to the Yankee Auction. Proceeds from the  Yankee Auction will go directly to promotion of such downtown events as the Holiday Stroll and the Restaurant Run on Half Marathon day.
 
Thanks to Elaine Lima at the Home of the Black Whale for providing shell painting for kids and to SMILES who did the face painting.
 
Thanks to the judges, Greg Primo, Chef; James Pelland, Food critic, The Navigator;
Michael Rock, WFHN/WBSM Citidel Broadcasting and Norm L'Heureux, Not your Average Joes.
 
Thanks to the city workers who make Custom House square a clean and welcoming venue for our events.
 
Proceeds from the festival help enable Downtown New Bedford, Inc.’s to attain its goals of making the heart of our city an economically healthy, welcoming and vibrant place to work, live, shop, dine and visit.

2nd annual Dowtown Holiday Stroll

Downtown New Bedford, Inc. presents the 2nd annual Dowtown Holiday Stroll on Saturday, December 5th from 12 noon to 7 pm. And Sunday December 6th from 12 noon until 4 p.m.  Santa and Mrs. Claus will arrive at Custom House Square by fire truck at noon and set up shop on Centre Street to  greet their young admirers . . . musicians will perform . . . the aroma of holiday treats will fill the air . . . the city’s giant tree will sparkle on the Library steps . .
 . all this and more is what visitors will experience at the Downtown Holiday Stroll. From Centre St. to County Street, the entire downtown area is humming with new activity.  It is this new vitality that the Stroll will celebrate.  Retailers, restaurants, museums, galleries, residents and city officials all enthusiastically participating.

Everyone looking for a memorable way to kick off the 2009 holiday season is invited to be in Downtown New Bedford. There will be free children’s activities at the National Park Visitor Center, at ArtWorks and at the Bristol Building on Purchase St.

Fire truck rides will be available for the younger set. Musicians will entertain in the Whaling Museum, on the streets, and more. Trolleys will provide free transportation in a loop around the entire Stroll area. Parking at the Elm St. and Zeiterion garages and on Custom House Square will be free. At 4:00  on Saturday, Santa and his young followers will parade up William Street accompanied by the New Bedford High School Band to witness the lighting of the giant tree on the steps of the Public Library.

And along with all these fun activities, unique and special gifts for the whole family will be available at more than 30 downtown shops.
 
The entire SouthCoast community is invited to celebrate the holidays by celebrating the New Downtown New Bedford!  Additional information available by calling Downtown New Bedford, Inc at 508-990-2777.

First in a series of articles about the Downtown New Bedford, Inc. Loan Program
 
As some of you are aware, Downtown New Bedford, Inc. has for many years offered commercial loans to businesses and potential businesses located in the geographic downtown area. These loans generally offer a reduced rate, a favorable term or some other valuable incentive to do business in the downtown. Below is a list of the many options available under the Loan Program, so rev up your shopping cart, as we are about to go on a commercial loan shopping spree.  
 
Most of you reading this are probably aware the term commercial loan implies a loan to a business or an individual for business purposes and not a loan to an individual for purposes such as purchasing a personal vehicle, residence, recreational vehicle, etc.  A commercial loan usually has a specific purpose and is underwritten for a term to coincide with that purpose.  There are a number of ways and options to write the commercial loan that fits your borrowing needs.  In the following paragraphs we will explore the various types and options of commercial loans, how they are written and what each type is most appropriately used for.
 
The participating banks in the Downtown New Bedford, Inc. Loan Program are:
BankFive
Bristol County Savings Bank
Citizens-Union Savings Bank
First Citizens' Federal Credit Union
Sovereign Bank
Webster Bank
 
Definitions:
Amortize: The amount of time in which the loan is termed out over and repaid.
 
Depreciation: The wear and tear and useful life of a fixed asset (furniture, fixtures, equipment, machinery, etc.).
 
Term Loans:
Commercial term loans are generally written for a specific purpose: to purchase equipment, inventory, commercial vehicles, etc., and are normally written to amortize no longer than the useful depreciable life of the asset being purchased.  An example might be a small company owner purchases a pick up truck for the business.  The loan would be written for a term of 3 – 5 years and would probably be secured by that vehicle.  There are examples of term loans written for a longer term for larger capital equipment expenditures such as a commercial fishing vessel, printing press, welding machine, etc., which have a much longer depreciable life span and might be written and amortized over a 10 – 12 year term.
 
Time Loans:
Commercial time loans are, by their nature, written for a much shorter period of time, usually 30, 60, 90 and sometimes up to 180 days for a very short term borrowing need. Often times this type of loan is used to “bridge-the-gap” between the time something is either purchased or sold and when the funds become available.  This type of loan always has an identifiable and documented repayment source that coincides with the maturity date.  
 
Demand Loans:
Commercial demand loans have no fixed maturity and are payable in full at any time. These types of loans are reviewed frequently (at least annually) and are sometimes converted to a term loan.  Demand loans are an option when the source and timing of the repayment of the loan is somewhat uncertain.  This type of loan can be secured by a specific asset or an all business asset lien.  
 
Real Estate Loans:
Commercial real estate loans are written for a variety of purposes and are structured in a variety of different ways to coincide with the purpose of the loan.  A couple of quick examples are land, land development and construction loans, which are usually written for short terms and sometimes convert to permanent mortgages.  Permanent mortgages for commercial real estate are usually for the purposes of purchasing, improving, and refinancing a commercial property and are written and amortized for a much longer term, in some cases up to 20 – 25 years.  Generally the property that is being financed also secures the loan.
 
Lines of Credit:
Commercial lines of credit are often used for working capital purposes to fund timing differences between when a business expends cash to produce a product or provide a service (accounts payable) and when that business receives payment for the product sold or service provided (accounts receivable).  Another appropriate use for a line of credit might be for large seasonal purchases of inventory with the expectation that the line will be retired and paid when the inventory is eventually sold.
 
Suffice it to say that there are a bevy of different options available for just about any commercial borrowing need.  Under The DNB, Inc. Loan Program, each loan request is uniquely different and requires a seasoned commercial lender to analyze and underwrite the borrowing need properly and appropriately to match and meet the businesses needs.
 
Next Month:
We will discuss the loan application process.

Watch the Teen Mural develop on Carter’s wall

During the Chowder Festival when the YMCA ran lobster races in Carter’s parking lot, the Carter’s wall facing Custom House Square was just that, a blank wall. Now it is a work in progress as a group from ArtWorks begins mural number seven they have created in New Bedford.
 
Right now the mural is partially completed. It will be done soon, as weather allows.
 
The design was developed by teens in the ArtWorks Teen Mural Program under the direction of Dr. Severin (Sig) Haines. The teens are preparing a brochure that tells about the artists and will put together a photography exhibit documenting the work.
 
The design will pay homage to the artists who lived and worked in New Bedford and are known both nationally and internationally. The concept for the design is to include the tools, the city as a working site and the historic context of the later 1800 and early 1900's when photography was just getting started as an art form.   
 
ArtWorks is planning a celebration on Thursday, Nov. 12th. and will be inviting all their downtown partners.

Adopt A Spot Participants Receive Certificates of Participation

On September 9, 2009 Kelly Carvalho owner of On a Roll Restaurant on Union Street accepted the first Certificate of Participation issued to Adopt A Spot program participants. She was singled out for her enthusiastic advocacy of this program. She also accepted a broom and waste pan donated by Milhench Industrial Supply at a press conference held in front of her restaurant.
 
Even before the official certificate was issued, Kelly was busy keeping her spot on Union Street clean, very clean. She also keeps part of Wings Court planted, weeded and tidy.
 
On a Roll is one of over twenty downtown business people now involved in Adopt a Spot, and the results are visible. Our community roads compare very favorably with the roadsides of many local communities.
 
These are the participants. Thank them when you see them. If you would like to adopt one of the few remaining spots, please call DNB, Inc. at (508) 999-9072.

There will be laurel this year!

Thanks to the fund raising efforts of Laurel Lady Marianne Conley Hodgson, there WILL be laurel this year although the coffers are not yet 100% filled and more donations are always welcome. And extra will just be rolled into the next year. Downtown without laurel last year was just too bare.

LAUREL DAY IS TUESDAY, DECEMBER 1ST , 8:00 AM CUSTOM HOUSE SQUARE
Expect a call any day now from Marianne asking for volunteers. Or call to add your name to the list. Ladders are always needed and warm clothing is usually a must.
 
Putting the laurel up on lamp posts in the historic district is one of the most enjoyable volunteer efforts of the year, assuming the weather is somewhere above zero and it’s not snowing or windy. In an hour or an hour and a half the historic district transformed for the holiday season.