2012 AUGUST-MASHPEE EDIC Plan for Executive Park

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o . Microenterprise: The Cape and Island Economic Development Corporation has received funding to create a microenterprise loan pool targeted to Mashpee, Bourne, Sandwich, Falmouth, Dennis, Martha's Vineyard, and Nantucket. The availability of financing appears to be of serious concern to the general business community. Ten percent of those surveyed by Mashpee's Economic Development Partnership Committee report that the financing of plant and equipment was the most serious problem facing their fine, and 20 percent reported that it was one of the three most important problems. When asked to rate Mashpee as a place to do business, p 23 percent noted that the availability of bank loans was a negative factor, and 36 percent noted that the availability of risk capital was a negative factor. Barriers exist for particular types affirms, particularly very small firms. Smaller firms have difficulty obtaining small amounts of financing--under $25,000, and particularly under $10,000, because commercial loans of less than these amounts are not cost-efficient for most banks. Risk capital is available to firms meeting the criteria of the venture capital industry, but is in short supply to firms needing small amounts of risk capitata Bankers and development finance professionals indicate that there is a limited amount of venture capital activity in the region from Boston- and Providence-based O venture firms. This activity,given the investment preferences of venture capitalists, is likely to focus on very high-growth, technology-oriented companies needing at least $500,000 in financing. Firms needing smaller amounts of financing have very limited access to risk capital. BInfrastructure and Land Use 8 With the Mashpee economy dependent on seasonal employment and retail sector jobs, there is a strong interest in diversifying the Town's economic base and creating better paying year-round jobs to benefit low- and moderate-income residents. Mashpee is also concerned with determining the best economic use, consistent with Town goals, of its limited amount of commercial and industrially zoned land. This section B analyzes how well Mashpee's infrastructure and real estate resources position the Town for industrial expansion,and assesses potential opportunities for industrial and commercial development. While Mashpee has a high quality of life and unique assets, its industrial and commercial development potential is strongly tied to the overall Cape Cod economy. The growth of industrial firms generates the demand for industrial real estate. Overall employment, tourism, and residential growth on the Cape generate B demand for commercial and retail space, and these sources of economic activity shape real estate demand that is concentrated in residential and retail development. With a modest manufacturing economy, demand for industrial real estate will be limited. Mashpee's economic development strategy must take a balanced approach that maximizes opportunities from the stronger retail and service sectors. Mashpee faces stiff competition from other communities when it comes to attracting firms willing to locate off Cape Cod. Mashpee, like all Cape communities, is located in a sensitive environmental region where infrastructure is limited and costs are greater than for communities off Cape. These costs and limitations are most problematic for industrial firms facing location decisions. Major limitations and disadvantages of Cape Cod for these manufacturing firms include: • relatively poor access to the interstate highway system for much of the Cape and poor traffic conditions during the summer; • absence of sewer service in most locations; • limited road capacity and congestion;and • limited freight rail service and major air freight service. 13