The North Central Massachusetts Chamber of Commerce is pleased to announce the addition of Yiongchiasider (Bea) Lee to its professional staff in the position of Economic Development and Loan Administrator.

In this new position, Ms. Lee will be responsible for the administration of the diverse portfolio of programs and initiatives of the Chamber’s economic development arm, the North Central Massachusetts Development Corporation.

“We are excited to welcome Bea to our team,” said Roy M. Nascimento, President & CEO of the North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation. “Bea will be a great resource to the business community as we look to support new and existing small businesses in the region.”

Bea joins the Chamber from the Panther Group in Boston where she worked as a Client Relationship Manager. In this role she managed multiple projects for clients in the HR sector. Prior to that role she worked for Rollstone Bank & Trust in Fitchburg as an Assistant Branch Manager. She holds a Bachelor’s degree in Business Administration from Fitchburg State University and an Associates Degree in Business from Mount Wachusett Community College. She is a resident of Fitchburg and active in the community, including serving on the board of the Fitchburg East Rotary Club and as a volunteer for the United Way of North Central Massachusetts, the Fitchburg Public Schools and Habitat for Humanity of North Central Massachusetts.

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 $7,000,000 in loans to small businesses to help grow jobs and the economy in the region.

Businesses or community members interested in learning more about the micro-loan program through the North Central Massachusetts Development Corporation can reach Bea at 978.353.7600 ext. 228 or via email at .

Late last week, Washington passed its fourth stimulus bill since the outbreak of the COVID-19 pandemic less than two months ago. This $483.4 billion legislation is meant to serve as a bridge between the CARES Act- issued just a few weeks ago- and a larger, yet to be drafted bill currently being negotiated between Democrats and Republicans. Though it is only intended to serve as a stop gap until a more comprehensive aid package can be agreed upon, there remain a number of important points you should be made aware of.

Paycheck Protection Program (PPP) Amongst small businesses, this program proved incredibly popular. Unfortunately, demand far outstripped supply and the funding provided by the CARES Act was quickly depleted. Adding to the frustration was a sense that larger banks- such as Citizens or Wells Fargo- had prioritized applications from established, more financially savvy clients.

To address this, the new bill allocated an additional $321 billion towards the program, with $60 billion set aside for smaller lenders. This allocation will be split between two categories, with half allocated to banks with less than $10 billion in assets and the remainder to institutions with between $10 billion and $50 billion in assets. It is hoped that by targeting regional or local lenders, a greater share of these funds would be directed to small or otherwise disadvantaged borrowers. Banks began accepting new PPP applications on Monday, April 27th, with funding anticipated to last roughly two weeks. To learn more about this program, visit the SBA’s website. You can also find a list of locally participating banks by clicking here.

Economic Injury Disaster Loan Program (EIDL) Another highly popular program which quickly ran out of funding was the EIDL. These flexible, low interest loans could be coupled with forgivable advances of up to $10,000 depending upon the number of individuals a business employed. Unfortunately, in its initial iteration, this program was unavailable to farmers and ranchers with less than 500 employees.

Last week’s legislation amends this, enabling a vital program to assist critical agricultural businesses across the nation. It also refinances the program, infusing it with $50 billion in new lending capital and an additional $10 billion for the aforementioned advances. As with the PPP funding however, these resources are only expected to last for a limited time. According to its website, the SBA intends to review existing requests for assistance from the previous round of funding before opening the program up to new applications. Once the application portal is reopened, the Chamber will act to alert you. Interested businesses can learn more by visiting the SBA’s EIDL page here.

Testing and Other Priorities Beyond these assistance programs, Congress and the White House allocated funding to address the public health crisis directly. The new bill commits $75 billion to assist the nation’s hospitals and healthcare providers cope with this pandemic, and provides an additional $25 billion to maintain and expand testing efforts. This last allocation will prove particularly important as the nation and the Commonwealth work to reopen.

In a conversation with the Chamber the day President Trump signed this act into law, Congresswoman Trahan and House Rules Chairman McGovern repeatedly emphasized the importance of testing to responsibly bringing the quarantine to an end. As businesses reopen and people resume their normal routines, the ability to identify new coronavirus cases and contact those who may have come into contact with them will be crucial to guarding against a resurgent epidemic or “second wave”. This legislation divides that responsibility between state and federal authorities.

Of the $25 billion, $11 billion is to be distributed amongst the states and indigenous peoples. Two billion dollars of this will be issued relative to the Health Emergency Preparation Grant Formula with another $4.25 billion distributed relative to the number of cases within a given area. The remaining $14 billion will be overseen by the federal government. This includes allocations for contract tracing, test production, expansion of lab capacity, and $1 billion for testing uninsured individuals. Significantly, it specifically allocates $825 million towards community health centers and clinics in rural areas.

As events continue to take shape, the Chamber’s staff will remain on hand to provide assistance and keep you informed of the latest developments. You can find additional resources by visiting the Chamber’s website at www.northcentralmass.com/coronavirus. If you have questions or concerns about this legislation- or other government efforts to address this crisis- please contact Christopher McDermott, Public Affairs Manager, at or (978) 353-7600 ext. 224. Now- more than ever- we want to hear from you!