The North Central Massachusetts Development Corporation (NCMDC) and the Worcester Regional Chamber of Commerce have announced a new partnership to bring additional micro lending resources closer to young companies in the City of Worcester and the southern region of Worcester County.
The collaboration involves the NCMDC providing start-up and existing small businesses in Worcester with access to its microloan financing programs, which provide loans of up to $50,000 to help businesses that may not meet the traditional lending standards. The Worcester Regional Chamber, along with its partner affiliates – the Auburn Chamber of Commerce, Blackstone Valley Chamber of Commerce, Chamber of Commerce of Central Mass South, Wachusett Area Chamber of Commerce and Webster-Dudley-Oxford Chamber of Commerce will provide the NCMDC with marketing support in their communities and a presence in their office for their loan officers to counsel potential clients.
The North Central Massachusetts Development Corporation’s microloan program adds to a variety of small business resources the Worcester Regional Chamber of Commerce and its affiliate partners currently provides through its partnerships with SCORE, the Massachusetts Small Business Development Center at Clark University (MSBDC), the Worcester Business Development Corporation, and the Worcester Business Resource Alliance.
“This partnership with the North Central Massachusetts Development Corporation enhances the resources provided by the Chamber to support entrepreneurs and start-ups who are so important to Worcester and the region’s economic growth,” said Timothy P. Murray, President & CEO of the Worcester Regional Chamber of Commerce. “These microloans will provide entrepreneurs and start-up businesses with the critical infusion of capital that they need to take their business from dream to reality.”
“Our microloan program has had a profound impact on our business community in North Central Massachusetts. We have a long and successful history of supporting small businesses with financial resources and technical assistance,” said Roy M. Nascimento, President & CEO of the North Central Massachusetts Development Corporation. “We are excited to partner with the Worcester Regional Chamber of Commerce to expand our lending to the Worcester area and help support the small and emerging businesses there that help drive the economy forward.”
The North Central Massachusetts Development Corporation (NCMDC) is a non-profit corporation certified by the U.S. Small Business Administration (SBA), and the U.S. Department of the Treasury under the Community Development Financial Institutions (CDFI) Program. The NCMDC works in partnership with local banks, credit unions, chambers of commerce and area nonprofits to support emerging microenterprises, small businesses, and community projects with loans and business assistance. Since 1996, the NCMDC has granted over $4.3 million in loans to small businesses to help grow jobs and the economy in 26 communities in the North Central Massachusetts region. In addition, these funds were leveraged with local financial institutions providing $14.8 Million of their funds and local investors and business owners providing another $3.2 Million. Thousands of new jobs have been created in the region as a result of the loans made.
Microloan programs have become increasingly important to the business community since the economic collapse in 2008 that put more restrictions on how banks can serve small business loans. Micro loans made by the NCMDC can be used for working capital, leasehold improvements, machinery and equipment, furniture and fixtures and refinancing of business credit card debt. Eligible businesses include manufacturing, retail, wholesale and service businesses usually having five employees or less at the time of application and meeting the definition of small business. The interest rates are flexible, but generally close to the current fixed market rate.
NCMDC loan officers will be available via appointment to serve the needs of new clients in the Worcester area. To schedule an appointment, please contact the NCMDC at 978.353.7607 or contact the Worcester Regional Chamber of Commerce at 508.753.2924.