Worcester Business Journal

wbjournal.com | April 6, 2026 | Worcester Business Journal 29 BY MICHAEL GARAND Special to WBJ S trong local economies don't happen by accident. ey grow when institutions commit time, relationships, and long-term belief in a community's poten- tial. at's what banking local means to us at Bank of America, and it's why our decades-long presence in Worcester, with the roots of Bank of America in Massa- chusetts back to the establishment of the Massachusetts Bank in 1784, has always focused on investing in people first. Worcester is New England's second largest and fastest-growing city with a projected population of 215,691 in 2026, according to World Population Review, with more than 50% of residents under 35 years old. I have been part of the Bank of America team for nearly 20 years and strive to create an environment where the local community finds the bank to be the trusted voice when it is time to finance a home, open a credit card, or start plan - ning ahead for retirement. Providing essential community needs is also deeply important to me and all of my teammates. Roughly one in five Worcester residents face food insecuri- ty, which is why we support the Worcester County Food Bank as part of a $250 million national com- mitment to fight hunger. We also collaborate with organizations like Abby's House, Com- munity Harvest Project, and Greater Worcester Community Foundation, as partners addressing economic opportu- nity, housing affordability, and neighbor- hood revitalization. We take pride in our support for the redevelopment of the Curtis Apart- ments, replacing 372 aging units and adding 157 new affordable homes built to LEED Gold standards with green space, modern amenities, and shared community areas. Projects like this ensure Worcester remains livable for working families, seniors, and young professionals. Local investment must include work- force development and Bank of America committed nearly $40 million to support these efforts last year alone. rough collaboration with the Worcester Regional Chamber of Commerce and the Worcester Community Founda- tion where we support a Summer Youth Employment Program, we help connect employers, entrepreneurs, and skilled workers. Our own growth reflects that same commitment: Bank of America now employs 170 people in the Worcester area and offers a $25 minimum hourly wage. Worcester's economy is notably di- verse, with strengths in manufacturing, health care, education, and technolo- gy, giving our local market team the advantage of understanding the region's unique economic trends. We are com- mitted to supporting the Massachusetts Manufacturing Extension Partnership through the Innovations & Libations se- ries to create awareness of the broad mix of industries driving regional growth. To help businesses grow, we've made $63 million in loans to small businesses with an annual revenue of less than $5 million and $856 million in commercial business loans to businesses with reve- nues of up to $2 billion. Economic vitality isn't built on in- dustry alone. It depends on civic pride and quality of life. at's where sports and the arts play a powerful role. Our partnership with the Worcester Red Sox has helped energize downtown and draw visitors to Polar Park for community events like Winter in Wooville. rough programs such as Museums on Us, we help expand access to institutions like the EcoTarium and the Fitchburg Art Museum with free admission weekends, making cultural experiences more acces - sible while supporting tourism and local jobs to bring families together, increase foot traffic for nearby restaurants and shops, and strengthen Worcester's identi- ty. Bank of America awarded a $250,000 grant in 2018 to e Hanover eatre to advance its eatre District Campaign, enhancing Main Street's public space and strengthening Worcester's growing cultural district.e lesson is simple, banking locally is more than just having a financial center or two in town. It is defined by where a bank invests, hires, volunteers, and builds relationships. Worcester's momentum is real. e population is growing, the business sec- tor is thriving, and civic institutions are strong. Collaboration among businesses, nonprofits, and public partners will ensure that progress continues. At Bank of America, we're proud to play our part, and we remain committed to supporting Worcester's people and possibilities for years to come, because when a community grows stronger, we all succeed. Michael Garand is president of Bank of America Worcester and managing director and private client advisor at Bank of America Private Bank. Why banking local means investing in Worcester's future Michael Garand ADVICE & OPINION VIEWPOINT BY TIMOTHY MURRAY Special to WBJ O ne of the most enjoyable aspects of my role as president and CEO of the Worcester Regional Chamber of Commerce is to witness how our chamber team assists individuals in launching their businesses, growing their businesses, adding jobs to our local economy, and expanding our tax base. I oen wonder: Will these businesses grow into economic powerhouses both for the community as well as the owner's family? Will they be a multi-genera - tional local family business like Polar Beverages, Consigli Construction, and the Worcester Restaurant Group? To help facilitate a conversation on tangible steps family-owned businesses can take to ensure multi-genera- tional growth and build sustain- ability plans, the chamber has launched the Family-Owned Business Round- table. e genesis of this idea came from Andrew Salmon, chief future officer for Salmon Health, a third-gen- eration senior health and residential living business. Andrew's idea is to use some of the stories and lessons learned from our iconic multi-generational businesses as a sounding board for those aspiring to grow their business in a similar way. e chamber just hosted its third Family-Owned Business Roundtable discussion moderated by Andrew Salmon. e panel included Neil McDonough from Flexcon, a sec- ond-generation manufacturer that has expanded nationally; Joe Salois from Atlas Distributing, a second gener- ation independently owned beer and spirits distributor; John Andreoli, Jr. from Sullivan Insurance Group, a sec- ond-generation independently owned insurance agency; and Eric Busenburg of Euro-American Worldwide Logis- tics, a third-generation life sciences logistics company. e discussion was fascinating and well received by those in attendance. Issues discussed includ- ed transition of leadership, earning the opportunity to lead, and the values that guide each business amid the ups and downs of the economy as well as gener- ational and technical changes. ese conversations are not only important to our chamber member businesses but vital to our local econ- omy. According to 2021 data from the U.S. Small Business Administration, 27% of all U.S. businesses are family owned. Family Enterprise USA data shows family businesses generate 59% of the private sector workforce, accounting for 83 million jobs. ere are 37.4 million family businesses in the U.S. We look forward to this continued dialogue with the hope that many of our first-generation chamber member businesses will grow to benefit future generations both within the company ownership structure and in the broader Worcester community through jobs and career opportunities. Timothy Murray is president and CEO of the Worcester Regional Chamber of Commerce. From startup to legacy: Strengthening family businesses in Worcester Timothy Murray THE CHAMBER CORNER W W

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