Holyoke Receives $250,000 from Fed-Sponsored Competition

Holyoke will receive  $250,000 to help link the Latino population with the city’s so-called “innovation economy.” The Boston branch of the Federal Reserve announced the award today, part of a competition that will also give money to five other medium-sized Massachusetts cities. Prabal  Chakrabarti is the Boston fed’s community development director. He says Holyoke’s proposal stood out for its goal to boost Latino entrepreneurship.

“When you look at a lot of these small to medium-sized cities in New England, in the ones that are resurgent, places like Providence, Rhode Island, you see very high rates of Hispanic business growth,” Chakrabarti says, “and Holyoke’s aim is to triple or more the number of Latino-owned businesses.”

Chicopee, Pittsfield, Springfield, and Worcester also entered the competition, but were not among those selected. The federal reserve organized the grant, but award money is coming from the state of Massachusetts, along with several banks and charities.