Town, bank work to rejuvenate downtown

Looking to build on $3.3 million in Public Works Economic Development grants, the town of Randolph is partnering with a local bank to generate investment in the town’s commercial district.

The state grant money was used to redevelop sidewalks and install antique-style lighting in and near Crawford Square, the heart of the town’s commercial district.

“Pedestrian improvements were very important to us, because Route 28 goes right through our downtown,” Town Manager David Murphy said. “It is a very busy vehicular area.”

Murphy said he approached Randolph Savings Bank, which was founded in the town in 1851, about creating a program that could spur private investment.

The bank’s marketing department developed a “5-5-5” program, signifying a $5 million loan program for local businesses, with a lending rate of 5 percent and a five-year payback period.

Murphy described the lending terms as slightly more favorable than typical commercial lending.

“In talking to small businesses in [Crawford] Square, one of the needs they have, obviously, is access to capital,” Murphy said. “We want to provide them a program that benefits their interests and benefits the town’s interests.”

Randolph’s downtown revitalization project also includes a Community Preservation Act component. The CPA money, Murphy said, will provide a combination of loans and grants designed to help owners of commercial buildings that are more than 100 years old restore the building’s original facade.

“If we can capture the old look and feel of those old buildings, it would really make a difference in the overall appearance in our downtown,” Murphy said.