The Chamber’s economic development arm – the North Central Massachusetts Development Corporation – has closed seven micro-loans for a total of $333,500 since October 1, 2020. The loans were made to a mix of existing and start-up businesses and ranged from $6,000 to $150,000. There are another three loans totaling $325,000 that have been approved but haven’t closed yet. We are also excited to share that the U.S. Small Business Administration recognized the Development Corporation in December for its success in providing micro-loans.=
The North Central Massachusetts Development Corporation (NCMDC) is a non-profit economic development corporation with the mission of creating jobs and improving the economy. 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 in 76 communities in Worcester, Middlesex and Franklin Counties with loans and business assistance. Since 1996, the NCMDC has granted over $8,000,000 in loans to small businesses to help grow jobs and the economy in the region.