Chamber’s Economic Development Affiliate Closes Out Successful Year
The Chamber’s economic development arm, the North Central Massachusetts Development Corporation (NCMDC), completed its fiscal year on September 30, 2022. 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 North Central Massachusetts with loans and technical assistance. The NCMDC provided a total of 31 micro-loans for a total of $1,680,500. Of note, 74% of these loans were granted to historically underserved communities of minority, women or low income owned businesses. The loans ranged from $7,500 to $206,000. Our loans helped to leverage another $2,286,138 in bank financing and owner capital and resulted in the retention/creation of 174 jobs.
In addition to the loans, our economic development team also provided 1,162 hours of direct technical assistance and counseling to small businesses over the year. We also provided an additional 10 micro-grants, for a total $44,219.64, to support technical assistance needs of local small businesses. The average micro-grant awarded was $4,422.
Since the microloan program was established in the 1990s, the NCMDC has provided a cumulative total of 341 microloans totaling $11,642,617 which have helped create 620 jobs and retain another 846 jobs. The numbers do not include any fixed asset loans (SBA 504 loans) made during the early history of the NCMDC. When factoring in these loans, the NCMDC has made over $24 million in loans.
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.