Jim and Kelly Sullivan named MA Small Business Persons of the Year

BOSTON – The Small Business Administration (SBA) has named Jim and Kelly Sullivan, owners of Millennium Press, the 2023 Small Business Persons of the Year for Massachusetts.

Millennium Press is a full-service print shop helping clients with business cards to annual reports, direct mail, customer portal access, customized printing, print management, bindery, and graphic design services. Kelly and Jim Sullivan started Millennium Press out of a one-car garage in 1989. Their first big equipment purchase, a 2-color printing press which helped set the foundation to their business. By the mid-90s, the operation outgrew the garage and the Sullivans purchased a building at 570 Silver Street in Agawam, MA.

“The Millennium Press story demonstrates how small businesses can persevere when faced with extraordinary challenges,” said District Director Robert Nelson. “The Sullivans didn’t give up on their dreams and kept working towards sustainability with support from public/private resources including the SBA and its lender network that help stand by your side through the toughest challenges.”

The operation consistently grew and became profitable for nearly 20 years. In 2007, Millennium Press invested in a state of the art Heidelberg 6-color Press, which was the first in the US; and built a state of the art addition to their building.

Then in 2008 the global financial crisis hit, creating an economic emergency throughout the country – the American housing bubble burst, causing a ripple effect onto business communities. Kelly and Jim were faced with the huge decision of whether to fight or to close the business.

The Sullivans decided to accept the challenge – getting together with their accountant, attorney and Congressman Richard Neal’s office to put together a game plan, to consolidate debt and refinance their assets to position the business for survival.

In 2009 with the help of Gary Besser and the SBA’s 504 loan program, they were able to refinance their debt over 20 years (including the building). In 2012, the SBA also helped refinance several pieces of equipment over a 10-year span with the 7(a) loan program. The Sullivans now had a plan in place, utilizing SBA’s programs to pay down debt faster than it was accumulating.

By early 2020, the company was now able to refinance its building with a traditional commercial loan at a lower fixed rate. They were approved in March, but the pandemic swept over all the progress made. Because of the pandemic, the building loan was now put on hold and Millennium Press saw half of its customers shut down.

Kelly and Jim continued to go to work but had to lay off a majority of the workforce; the situation seemed impossible to overcome and the business was quickly burning through its available cash. Millennium Press went from being a profitable company – to a company that was trying to figure out how to keep all bills paid on time. Then the SBA’s Covid relief programs came through and became a LIFELINE for the small business, allowing the Sullivans to utilize these vital tools:

• Economic Injury Disaster Loan program provided a grant and low-interest, long-term loan for working capital;
• Paycheck Protection Program was a loan that became forgivable if used for rent/mortgage, utilities and payroll;
• Debt Relief Program which waived 6 months of payments for all existing 504 & 7(a) loans in 2020, the program also paid 2 more months of SBA backed loans in 2021.

"We are blessed that we met with the SBA in 2010. The SBA will help a company that made great decisions in a bad market, “said Co-Founder and CEO Jim Sullivan.” Fast forward 10 years and the SBA came to our rescue again during the pandemic. This has taught me that we can continue to push for success knowing that we have the SBA in our corner.”

Today, all of Millennium Press’ 2010-2012 SBA loans are paid off in full and PPPs forgiven – except the Economic Injury Disaster Loan. Additionally, all employees that were laid off, were brought back to work by 2021.

"Retaining our employees during the pandemic was possible because of the SBA assistance. We were able to continue paying for all laid off employee’s health insurance and continue all the retirement plans knowing we had the PPP funds. Even though our sales plummeted in 2020, we were able to pay all of our bills on time with the help of SBA programs,” said Co-Founder and CFO Kelly Sullivan.

Jim and Kelly Sullivan were nominated by former business mentor Gary Besser.

Millennium Press will be honored at the annual SCORE Boston Celebrates Small Business Success Featuring the Massachusetts SBA 2023 Small Business Awards on Wednesday, May 10th, 2023, at the Sheraton Hotel, Needham, MA.

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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.