The North Central Massachusetts Development Corporation and ReImagine North of Main have announced that they are collaborating on an effort to expand financing to entrepreneurs and existing small businesses in the North of Main neighborhood in the City of Fitchburg. ReImagine is providing a grant of $25,000 for a loan loss reserve that will be leveraged with capital from the North Central Massachusetts Development Corporation to provide micro-loans of up to $50,000.  The fund will be focused upon assisting ventures which seek to locate or are already located in the North of Main neighborhood, with priority given to the Main Street commercial district.  This project supports existing efforts around revitalization of the downtown business district and helps stimulate new entrepreneurism and investment in the North of Main.

Eligible loan participants may include any existing venture or new venture that proposes to add value and diversification to the business climate of the North of Main neighborhood and/or create jobs in the community.  Special consideration will be made to restaurants, specialty foods, shoe and apparel stores, art galleries, entertainment coffeehouses, and creative-based businesses including graphic design, music and video production.  Loans made can be used for working capital, leasehold improvements, machinery and equipment, furniture and fixtures, and refinancing of business credit card debt. The interest rates are flexible, but generally close to the current fixed market rate.

The organizations anticipate that the collaboration will support 3-6 loans to North of Main businesses that will mitigate lender risk and reduce borrowing costs for businesses and create 1-2 new businesses on Main Street through start-up costs supported by the fund.

“We are excited to partner with ReImagine North of Main to expand economic opportunity in the community,” said Roy M. Nascimento, IOM, President and CEO of the North Central Massachusetts Chamber of Commerce. “This collaboration will allow the North Central Massachusetts Development Corporation the ability to provide more microloans to small and emerging businesses and support collective efforts in the community focused on economic development.”

The collaboration also seeks to engage with the private sector and municipal plans to connect financing resources with opportunities in and around the North of Main to improve entrepreneurship.

“Fitchburg’s downtown, through the many efforts of our City, community partners, and the business community, is on the rise thanks to coordinated efforts like this,” said Patricia Pistone, ReImagine North of Main Coordinator and Vice President of Planning at Montachusett Opportunity Council.  “We hope these funds can be used to further investment in Main Street by attracting unique new businesses. ReImagine North of Main is very excited to be a part of an opportunity that will contribute to the long-term success of the City and, more importantly, its residents.”

The funding originated from the Federal Reserve Bank of Boston’s Working Cities Challenge Initiative, a grant program designed to advance collaborative leadership in smaller, postindustrial cities to transform the lives of their low-income residents. ReImagine North of Main received $150,000 in tactical funds to support strategies to support the revitalization of the downtown area and surrounding neighborhood.

This financing initiative was developed to support the City of Fitchburg’s efforts to support downtown revitalization. Tom Skwierawski, the City of Fitchburg’s Executive Director of Planning and Community Development, stated that “Fitchburg is a place that cultivates entrepreneurship, a place where prospective businesses feel they can make their dreams a reality. We will continue our efforts to become more business-friendly and are happy to join with committed partners—like ReImagine and the North Central Massachusetts Chamber—who, through programs like this, will help us make it happen.”

For additional information or to inquire about a loan, please call 978.353.7607 or visit www.choosenorthcentral.com

Expansive guide highlights the region’s vast manufacturing firms and industrial space

The North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation (NCMDC) announce the publication of the 2017 edition of the Manufacturers Directory and Industrial Parks Guide for North Central Massachusetts. The publication is designed to promote and connect manufacturers with suppliers as well as serve as a resource for companies looking to relocate or expand throughout the region.

This new version of the directory was nearly a year in the making and represents the first new edition since 2015. Working with multiple sources, the NCMDC confirmed the operating status and primary product line of each company listed in the directory. In addition to the listing of local manufacturers, the publication also includes a section on life science companies, a listing of suppliers and a guide to business and industrial parks in North Central Massachusetts.

“We published this directory to help support our local manufacturers who are so critical to the long term vitality of the North Central economy”, said Roy Nascimento, President & CEO of the North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation. “We hope that this publication will be a resource in connecting manufacturers with their peers and helping them find local suppliers.”

This new publication is part of the Chamber and Development Corporation’s continuing efforts to help promote the region and advance the economy of North Central Massachusetts.  In addition to this new manufacturing directory, the North Central Massachusetts Development Corporation has recently expanded its loan programs to include a new Express Loan program, a Second Chance loan initiative and has grown its technical assistance offerings for new and established small businesses in the region. NCMDC has been expanding its reach to small and growing businesses in neighboring communities through partnerships with local chambers. Partnerships have already been created with the Worcester Regional Chamber of Commerce, the Assabet Valley Chamber of Commerce, and the North Quabbin Chamber of Commerce. The North Central Massachusetts Development Corporation also recently launched the new website ChooseNorthCentral.com and the hashtag #ChooseNorthCentral to promote North Central Massachusetts as a great place to grow or relocate a business and the organization has been engaged in new workforce development initiatives to improve the pipeline of skilled workers for local employers.

The 2017 edition of the publication was supported by advertising and is being circulated to manufacturers throughout the region. For more information, please contact the North Central Massachusetts Chamber of Commerce at 978.353.7600.

The North Central Massachusetts Development Corporation (NCMDC) is a non-profit corporation with the mission of creating jobs and improving the economy of North Central Massachusetts.  The NCMDC acts as a connector, facilitator and partner and 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.  The NCMDC is certified by the U.S. Department of the Treasury under the Community Development Financial Institution (CDFI) program and is a micro-loan intermediary for the U.S. Small Business Administration.  Since 1996, the NCMDC has granted over $4.2 million in loans to small businesses to help grow jobs and the economy in 26 communities in the North Central Massachusetts region.

For more information about the North Central Massachusetts Development Corporation please call 978.353.7607 or visit www.choosenorthcentral.com or www.northcentralmass.com.

The North Central Massachusetts Development Corporation (NCMDC) and the Assabet Valley Chamber of Commerce have announced a new partnership to bring additional micro lending resources closer to young companies in the Assabet Valley Region of Massachusetts.

The collaboration involves the NCMDC providing start-up and existing small businesses in the Assabet Valley communities with access to its microloan financing programs, which provide loans of up to $150,000 to help businesses that may not meet the traditional lending standards.  The Assabet Valley Chamber of Commerce will provide the NCMDC with marketing support in their communities and a presence in their Hudson office for their loan officers to counsel potential clients.

“We are very pleased to be partnering with the North Central Massachusetts Development Corporation to support small businesses here in Assabet Valley,” said Sarah Cressy, President & CEO of the Assabet Valley Chamber of Commerce. “These microloans will provide entrepreneurs in our area with the capital and technical assistance they need to start or expand their business.”

“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 Assabet Valley Chamber of Commerce to continue to expand our lending and help support the small and emerging businesses 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 Assabet Valley region. To schedule an appointment, please contact the NCMDC at 978.353.7607 or contact the Assabet Valley Chamber of Commerce at or 978.568.0360/978.875.0197.

 

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.

The North Central Massachusetts Development Corporation (NCMDC) is proud to announce that Sharp Design and Beemer’s Pub and Grill, both of Fitchburg, are recipients of loans through our new Express Loan Program.

Beemer’s Pub and Grill, a restaurant that recently relocated to 310 Main Street in Fitchburg, received an express loan of $5,000 for working capital to assist with their re-opening.  Beemer’s has proudly served the Fitchburg and surrounding communities for many years until a fire destroyed their previous location on River Street in Fitchburg in March of 2015.  They are now looking to make an impact with the new location in a higher visibility and traffic area.  Beemer’s was a referral from NewVue Communities (formerly Twin City CDC) and this loan will help to retain 20 jobs.  For more information visit www.beemerspub.com.

Sharp Design of 360 Summer Street in Fitchburg, a popular hair salon, was in need of equipment upgrades. With a $5,000 Express Loan, Sharp Design will make needed upgrades. Now Sharp Design is using state of the art equipment leaving their clients happy and satisfied.  Sharp Design was also a referral from NewVue Communities.  This loan will help to retain 10 jobs.  For more information about Sharp Design call (978) 343-3324.

The North Central Massachusetts Development Corporation has developed a new Express Loan Program to assist existing small businesses that need quick access to funding.  The new program offers a loan request up to $5,000 with financing available within a week.  If approved, the business is also eligible to receive business assistance from NCMDC staff and consultants.

 

“Helping strengthen small businesses and entrepreneurs stimulates job creation and is critical to North Central’s economic growth,” said Raymond J. Martino, President of Simonds International and Chairman of the Board of the NCMDC. “The North Central Massachusetts Development Corporation is providing much needed capital and technical assistance to help our local businesses grow and thrive in the region.”

As a microloan lender, NCMDC can provide loans to small businesses up to $75,000 for working capital, equipment, inventory, expansion and working with our banking partners provide gap financing for the final piece of a project.

The North Central Massachusetts Development Corporation (NCMDC) is a non-profit corporation with the mission of creating jobs and improving the economy of North Central Massachusetts. NCMDC is 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 $4,200,000 in loans to small businesses to help grow jobs and the economy in 26 communities in the North Central Massachusetts region.

For more information about the NCMDC and its loan programs, call 978.353.7607.