Monday, August 2 at 2:00pm

Collaboration resulted in more than $1.3 million for small businesses in North Central Massachusetts

As the COVID-19 pandemic created several challenges for local business owners, Fidelity Bank, the North Central Massachusetts Chamber of Commerce and its economic development arm, the North Central Massachusetts Development Corporation, collaborated to process and service more than $1.3 million as part of the Paycheck Protection Program (PPP). Of this total, more than $660,000 in PPP loans were part of the Urban Agenda Grant Program, which promotes economic vitality in urban neighborhoods and a means of supporting urban small business owners affected by COVID-19.

A survey conducted by the chamber following the launch of the federal PPP program concluded that some businesses did not fit into the federal programs, and that many underserved and minority businesses were unable to access traditional banks for PPP loans.

“We live in the communities with our clients which enables us to have a unique perspective to understand the importance of ensuring our local businesses prosper, especially when challenges occur out of their control,” said Ed Manzi, Chairman and CEO, Fidelity Bank. “By collaborating with the chamber and its development corporation, we were able to utilize our unique LifeDesign banking approach and provide assistance and clarity to get critical funding support to underserved small businesses who otherwise would not have obtained funding.”

As part of the Urban Agenda Initiative, the North Central Massachusetts Chamber of Commerce partnered with New Vue Communities, Reimagine North of Main, the Spanish American Center, and the Cities of Fitchburg and Leominster, to provide technical assistance and access to resources.  The Chamber and its partners focused outreach efforts to reach underserved and vulnerable small businesses in the community.  The average amount of the loans made was just $15,000.

“What started as emergency financing to help small businesses until the federal government responded evolved over time into providing PPP loans directly to businesses who could not secure them through other sources,” said Roy M. Nascimento, President and CEO, North Central Massachusetts Chamber of Commerce. “We also expanded our team to respond to the urgency of the underserved businesses and we now have a multi-lingual member on the team to support outreach for our Latino businesses, which comprise the largest minority group in the region.”

The development corporation processed 72 loans in round two of the PPP loan program, with Fidelity Bank servicing 64 of those loans. All of the loans were approved.

“Fidelity Bank was part of a coalition of other financial institutions in the area, including BankHometown, Berkshire Bank, Digital Federal Credit Union, Main Street Bank and Worker’s Credit Union to serve our vulnerable business owners,” added Nascimento. “Regardless of the fact that these banks are likely competitors, they all came together to do what was right by the businesses in our communities.”

Two of the businesses that obtained critical funding support from the second round of PPP loans through this collaboration were Lucy’s Furniture in Fitchburg, and Pablo’s Paint and Remodeling in Leominster.

“As the owner of Lucy’s Furniture, I want to thank the Chamber of Commerce and Fidelity Bank for assisting me with the Small Business Association PPP application,” said Wilson Arrua, Owner, Lucy’s Furniture. “During the pandemic, the upholstery business was very slow which resulted in being late on my bills. With this loan, I was able to become current on my payments and it helped get me through the pandemic.”

Pablo Ortiz, Owner, Pablo’s Paint and Remodeling said of the loan assistance, “Thank you very much to the Chamber and Fidelity Bank for your valuable help to process the PPP loan. This funding helped us stay afloat despite the terrible situation with the pandemic.”

“The past year and a half proved that when we work together, we can survive and thrive regardless of the circumstances that surround us,” said Manzi. “Fidelity Bank was here to help, and we remain an active participant in our community to ensuring all of our clients, both individuals and businesses alike, have a caring partner to guide them through opportunities and challenges and get them where they want to be.”

The Community Foundation of North Central Massachusetts has granted Mount Wachusett Community College $30,000 to continue the highly successful work of the MWCC Student Stabilization Scholarship Fund.

The MWCC Student Stabilization Scholarship Fund was established during the early months of the COVID-19 and has provided support to students to cover unmet costs for tuition, fees, and books. The scholarship fund has two funding priorities, with recipients selected in a collaboration between MWCC’s student retention office, the Thrive Center, and the Office of Student Financial Services.

The MWCC Thrive Center team members actively reach out to students who have been identified as candidates for the scholarship. The Thrive Center specialists will continue to track and provide proactive counseling services to help students successfully complete their education.

“The past 16 months have been most difficult,” stated MWCC President James Vander Hooven. “Our students have struggled. In our own ways, each one of us have struggled. I am so thankful for the support of the Foundation, and our Thrive Center staff who worked tirelessly to help these students.”

“The crisis hit our students hard and in unexpected ways and is still impacting them dramatically as the crisis continued into 2021,” stated Shelby Shaw, MWCC’s Director of Retention and Thrive Center. “We look forward to continuing the successes of last year and helping even more students this year.”

One such success story is husband and wife Kevin and Andrea Techera. The assistance provided by the grant enabled them to complete their associate degrees in May, both achieving the Deans List, while helping their daughters with remote learning. In the fall, Andrea will be continuing her pursuit of a PhD in psychology, and Kevin will continue towards a bachelor’s degree with the goal of a career in the growing biotechnology sector.

Challenges such as job loss, increased responsibilities for those in “essential jobs” and home/virtual schooling responsibilities for student-parents have turned students lives upside down. Additional challenges faced by students include the death of loved ones, increased childcare responsibilities due to the closure of schools and childcare faculties, their role as essential workers and mental health struggles. In the face of these difficulties, over 604 students residing in North Central Massachusetts have been forced to stop their education, possibly never to return. The availability of this funding enabled MWCC to assist 28 students in 2020 with direct scholarship assistance, wrap around support and advising services. The college seeks to support 30 students with the 2021 grant.

Leominster, MA – Leominster Credit Union (LCU) presented a check for $5,000 to the Campus Bound Program to benefit Leominster High School (LHS) students. Campus Bound is a team of experienced and passionate college counseling professionals working in conjunction with the Leominster High School Guidance Department, who together are dedicated to helping students successfully navigate the road to college. Leominster Credit Union is passionate about assisting students with financial literacy and helping to meet their college goals.

“As a community based financial institution, we look for opportunities to engage and partner with organizations who offer products and services to the communities we serve. Campus Bound offers a much-needed comprehensive solution, given the rising costs associated with attending college. As a sponsor to this program, we are assisting local students with the opportunity to access resources to help them navigate and attain entry to great schools, find solutions to reduce college expenses and minimize debt,” said Barbara Mahoney, President & CEO, Leominster Credit Union.

Campus Bound is committed to helping students of all achievement levels create strong applications and discover their best-fit schools. Counselors collaborate frequently, ensuring that all of the students receive the most up-to-date information and make the best decisions as they navigate the college search, application, and decision process.

“It has been a pleasure helping the LHS community as they work to navigate the financial challenges that a college education presents. The engagement of the students and parents has been amazing. LCU’s sponsorship has resulted in students having a lower cost of college and increased opportunities,” stated Gregg Cohen, President of Campus Bound.

“Leominster High School is ecstatic to partner with Campus Bound to provide our students an opportunity to get a true understanding of the financial aspect of a college education. The commitment that Campus Bound and Leominster Credit Union shows to this community make this program a valued part of our college search process,” said Steven Dubzinski, Leominster High School Principal.