June 10, 2008
The Daily Item

The Massachusetts Community Development Finance Corporation (CDFC), joined by local economic development, state, city and business officials, gathered this week at CranBarry on the Lynnway to mark a public-private partnership that has helped secure more than 40 textile jobs in the city.

CDFC and the Lynn Economic Development & Industrial Corporation (EDIC) teamed up to loan CranBarry $500,000 for working capital to help the historic company continue to meet increased demand for its products, primarily custom made cheerleading uniforms and accessories.

"CDFC is pleased to be able to help this well established company continue to go against the grain by manufacturing high quality textile products in Massachusetts," said CDFC President Andres Lopez. "At a time when most of these jobs are out of state or even offshore, CranBarry has remained true to its roots."

Founded more than 60 years ago by Joyce Barry, who came to the U.S. from England, the company was purchased nine years ago by John T. Vinton, who came to the U.S. from Argentina and became a U.S. citizen. The workforce is now largely made up of workers who came to the U.S. from several countries.

CranBarry Manufacturing Manager Bob Dobias (second from right) explains the local custom made sports uniform company’s manufacturing process to Andres Lopez, (far right) President of the Massachusetts Community Development Finance Corp. (CDFC), during a tour of the company’s Lynnway plant on Monday. Others on the tour from left to right are state Rep. Steven Walsh, Aide to Rep. Robert Fennell, Jeffery R. Weeden and state Sen. Thomas McGee. Local officials toured the plant to see how a $500,000 working capital loan from CDFC and the Lynn Economic Development & Industrial Corporation will help CranBarry continue its textile manufacturing operation in Lynn. The 61-year old company employs more than 40 people.

Barry, who came to the U.S. in 1925, founded CranBarry in 1947 and named it by combining her maiden and married names. Barry was a lacrosse and field hockey advocate and collegiate coach at Wellesley and Bennington colleges. She began the business in order to import equipment for both sports but eventually got into making team uniforms.

More than six decades later, the company is still a major player in the field hockey equipment market. But its custom-made uniforms have become an increasingly important part of the business over time. That includes uniforms and outerwear such as warm-up suits and jackets for high school and collegiate cheerleading and field hockey teams. In order to keep that part of the business growing, Vinton needed additional working capital.
"This is a great example of how Massachusetts can constructively help small businesses remain viable," said state Sen. Thomas M. McGee, Senate Chairman of the Joint Committee on Labor and Workforce Development.

State Rep. Steven M. Walsh, House Chairman of the Joint Committee on Community Development and Small Business, agreed.

"These kinds of partnerships are a lifeline to keeping the Massachusetts and our local economy moving," he said.

Mayor Edward J. Clancy Jr. said the partnership is symbolic of the city's commitment to keep the city competitive for businesses.

"We have been working very hard to keep Lynn businesses competitive and CranBarry shows that with a team effort, we can keep those kinds of commitments," he said.

EDIC Executive Director James Cowdell, who was the master of ceremonies at the event, welcomed CDFC's assistance.

"Together, we were able to put together a loan package that will really make a difference for CranBarry," Cowdell said.

Of the half million dollar loan, $350,000 came from CDFC and $150,000 came from EDIC. CranBarry was referred to the community development agencies by its private sector lender, Sovereign Bank.

"This loan will help us keep pace with our orders so that we can capitalize on the marketing work we have been doing, and fulfill our plans to add to our workforce," said Vinton.

Vinton, who has worked in U.S. corporations, including Proctor & Gamble and Gillette, decided to go into business for himself and purchased CranBarry in 1999. The company sells its products to high schools, colleges, team dealers and chain sporting goods retailers such as Dick's Sporting Goods. More recently, as cheerleading has emerged as a major competitive sport, the company has re-focused its marketing efforts to selling to cheerleading gyms, many of which have five to 10 competitive teams and 100 to 150 cheerleaders.