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Performing Arts is on the RISE on Martha’s Vineyard

Attaining business continuity with the SBA 504

By Norman Eng

Jil Matrisciano

On Martha’s Vineyard where space is at a premium, RISE Vineyard Performing Arts is operating out of a modest 1,933 sq. ft. dance studio and still trying to sustain growth.

Owner and Director, Jil Matrisciano started RISE Vineyard Performing Arts in 2007 – with the goal of providing island youth with a classical dance education in a studio environment.

Matrisciano has been performing and teaching in the Martha’s Vineyard community since arriving in 1996.  Today, she is creating a safe space for dance education – and a place for students to create, express, discover and support each other. 
 

Attaining Business Continuity: Renting to Purchasing with the SBA 504
Matrisciano had been renting from her landlord for the last 10 years, before he came to her and said it was time for him to sell.  The landlord wanted to give Jil the first option to buy the building, before a new owner came in with other plans for the property.  

Without the space, Matrisciano was afraid she would have had to close her business since space on the island is limited – so purchasing the building really was the only option to keep the business going.

Matrisciano consulted with her bankers at Cape Cod Five, Richard Leonard and Chris Langlais – about financing the opportunity – who then brought in Nick Johnas of Community Coastal Capital to structure the project using the SBA 504 loan program.

After receiving an assessment of the funding options, Matrisciano closed on the 504 deal and purchased the dance studio in March of 2017; giving Jil more peace of mind without having to worry about being displaced.  

Since getting the 504 loan and finalizing the purchase of her property, other dance programs have closed their doors.  As a result, RISE gained about 50 kids and Matrisciano continues looking for more space to sustain the growth by renting a couple of days a week at other spaces

 

RISE Above Access
The RISE Above Access Program is the nonprofit arm of the studio that gives out $25k of free dance to island students each year.  When Matrisciano was enrolled in dance class as a child, her parents went going through a time of financial hardship and dance was the first thing cut out of her family budget.

She missed valuable training when she was growing up in Middleboro, MA, so now her goal is to ensure other dancers don’t lose an opportunity to learn.  Funded by an annual holiday show, the whole school performs and all proceeds from ticket sales go to a fund that pays for students that need financial assistance.   

 


 

Participating Certified Development Companies

 

Bay Colony Development Corporation
230 Third Ave., 1st Fl.
Waltham, MA 02451
www.baycolony.org
781-891-3594
Service Area: Statewide

Coastal Community Capital
5 Shoot Flying Hill Rd.
Centerville, MA 02632
www.coastalcommunitycapital.org
508-790-2921
Service Area: Statewide
 
Granite State Development Corporation
One Cate St., Suite 3
Portsmouth, NH 03801
www.granitestatedev.com
603-436-0009
Service Area: Statewide
 
New England Certified Development Corporation
500 Edgewater Dr. Ste. 555
Wakefield, MA 01880
www.cdcnewengland.com
781-928-1100
Service Area: Statewide
 
Ocean State Business Development Authority
155 S. Main St., Ste. 301
Providence, RI 02903
www.osbda.com
401-454-4560
Service Areas: Bristol, Norfolk and Worcester counties.
 
South Eastern Economic Development Corporation
80 Dean St.
Taunton, MA 02780
www.seedcorp.com
508-822-1020
Service Area: Statewide
 
Worcester Business Development Corporation
89 Shrewsbury St., Ste. 300
Worcester, MA 01604
www.thewbdc.com
508-755-5734
Service Area: Statewide

 

Company Name: 
RISE Performing Arts
Location: 
Martha's Vineyard