Allison Lamey, Germaine Vigeant-Trudel, Lowell Development and Financial Corporation, and the Lowell Plan
In 2023 when this interview was recorded, Allison Lamey and Germaine Vigeant-Trudel served as the Executive Director and Assistant Director, respectively, of the Lowell Development and Financial Corporation (LDFC). Allison also served as the Executive Director of the Lowell Plan. In the interview, they explain the history behind each non-profit and how each aid in the revitalization of the city. The LDFC was created through the state legislature in 1975 at the prompting of Paul Tsongas and George Duncan (see Duncan interview) to function as a non-profit lender to commercial businesses in downtown Lowell. At the time, many buildings were in great disrepair or vacant or both. Because commercial businesses are typically high-risk loans for individual banks, the LDFC drew together over a dozen banks that could thereby share the risk and offer loans at 3-5% when interest rates elsewhere were in the double digits. In the interview, Lamey and Vigeant-Trudel mention some early examples, such as Barney’s Deli, the North Canal apartments (“Cement City”), and the Bon Marché department store. The LDFC has now expanded to include areas of Lowell beyond downtown, and also provides residential loans (for example, through their partnership with Merrimack Valley Housing).
The Interview
The Lowell Plan is a membership-based organization that functions as a convenor of public/private stakeholders. It has funded cultural economy plans (such as the masterplan study, “Downtown Evolution Plan”) and champions marketing campaigns to promote the image of Lowell (such as the “There’s A Lot to Like About Lowell” campaign). They work with the city but do not receive funding from the city so that they can maintain an advocacy role. It is also well known for its Public Matters program, an initiative that draws together a group of next generation leaders for a six-month immersion in civic engagement. Both Lamey and Vigeant-Trudel agree that collaboration is one of the most important lessons the next generation can learn; that by bringing together people with a variety of skills we all move forward.