New Members
Ayer, MA – On March 16, 2026, the Ayer Select Board voted to reactivate the Town’s Industrial Development Finance Authority (IDFA), a 5-member Board of Directors originally established by voters more than 30 years ago to support local existing businesses, expand employment opportunities, and attract new investment. The Select Board also approved the reallocation of $1 million from the Urban Development Action Grant fund into a dedicated account to support IDFA operations.
“Ayer is a great town to own and run a business in,” Town Manager Robert Pontbriand said. “We maintain excellent essential services and offer one of the only self-funded municipal revolving loan programs for businesses in the Nashoba Valley. I’m excited to see all the great things the IDFA of 2026 and beyond will bring to our community.”
Initiated in 1994, Ayer’s IDFA follows the regulations of Massachusetts General Law Chapter 40D. The IDFA’s original formation also came with an initial $1 million injection from the Urban Development Action Grant Fund to capitalize the Ayer Small Business Loan Fund. Main Street Bank (formerly called North Middlesex Savings Bank) serviced over thirty loans issued through Ayer’s IDFA from 1994 to 2020 on behalf of the town. In a quote provided to the town by Main Street Bank, they shared:
“For decades, Main Street Bank has worked alongside local businesses to help sustain and strengthen the communities we serve. We’re proud to support the reactivation of Ayer’s Industrial Development Finance Authority program as another way to provide flexible resources that encourage business growth, job creation, and a healthy local economy.”
The IDFA was intentional in not competing with loan products banks offered but instead complimenting financial institutions by addressing the tight credit needs of businesses. The loan products issued by the town supported projects that needed permanent working capital, business development gap financing, micro capital, along with signage and façade improvements. With a new IDFA Board of Directors comprised of Ayer residents with backgrounds in finance, real estate, and municipal government, the opportunity exists to update the 1994 Business Plan that guided the IDFA’s efforts to meet the needs of businesses today. Along with updating the business plan, opportunities also exist to strengthen relationships with local leaders dedicated to business growth and success.
“The reactivation of the Industrial Development Finance Authority is a strong step forward for our community’s economic future,” said Nashoba Valley Chamber of Commerce President and CEO Melissa Fetterhoff. “We’re encouraged to see renewed focus on tools that support business growth, attract investment, and strengthen partnerships that benefit both our local economy and the broader region. At the Chamber, we consistently hear from businesses about the importance of access to resources and a supportive environment to grow and succeed. This effort reflects a shared commitment to fostering a vibrant, business-friendly climate and ensuring our region remains competitive and resilient for years to come.”
"Reactivating Ayer's Industrial Development Finance Authority is exactly the kind of bold, local action that helps businesses grow and communities thrive,” said Roy Nascimento, President and CEO of North Central Massachusetts Chamber of Commerce. “The North Central Massachusetts Chamber of Commerce and our economic development arm, the North Central Massachusetts Development Corporation, are excited to see this tool back in play and look forward to partnering with the Town of Ayer on loans, technical assistance, and whatever else we can do together to strengthen Ayer's business community."
The paramount objective of the IDFA was job retention and creation, along with attracting new industry to Ayer or supporting existing industry through an industrial development project. The ways in which Ayer’s IDFA accomplishes this can vary depending on the needs of the moment.
“There are many new ways the incoming IDFA Board can consider supporting the business community,” said Economic Development Director Ray Friedlander. “For example, the town recently implemented a stormwater utility fee that impacts commercial property owners. If property owners install improvements that help with stormwater management, they can receive up to a 50% credit from the town that is applied to their stormwater utility bill. Perhaps the IDFA could offer a loan product to support these improvement efforts while also benefitting the overall goals of the community when it comes to better management of stormwater. This is just one of many examples of how the IDFA can provide significant benefit to Ayer.”
Ayer continues to show it is a community that believes in making investments that help the current and future generations of our residents," said Finance Manager Barbara Tierney. "Supporting local businesses means supporting the community. The town's support will only generate a positive environment for both the businesses and those who patronize them."
The Town of Ayer is actively recruiting for 5 IDFA Board of Directors comprised of Ayer residents with backgrounds in finance, real estate, and municipal government. Please contact Economic Development Director Ray Friedlander with questions at 978-772-8220 ext. 120 or rfriedlander@ayer.ma.us
