E-Newsletter
An Electronic Publication of the North Central Massachusetts Chamber of Commerce
North Central Development Corporation Launches “A Second Chance” Loan Program
The North Central Massachusetts Development Corporation (NCMDC) today announces the launch of its new “A Second Chance” loan program to assist start-up and existing small businesses that have been declined financing through their bank, credit union or other lending institution.
Under this new program, any business that has had their loan request denied can bring it to the North Central Massachusetts Development Corporation to have the request reviewed by its experienced loan officers. The NCMDC will provide a free, no obligation second look at the loan request, thus giving the loan request “a second chance” at receiving approval. The NCMDC has more flexibility and less stringent guidelines than traditional lenders. The NCMDC also partners with many financial institutions and may be able to work with the bank to help with funding approval.
The new program was developed to help start-up and existing small businesses that find themselves in a situation where they are having difficulty securing the financing that they need to grow their business. New banking restrictions put in place during the economic collapse of 2008 and strict underwriting guidelines from banks have made it increasingly more difficult for entrepreneurs and small businesses to secure financing of less than $100,000. The NCMDC provides loans up to $75,000 that can be used for working capital, leasehold improvements, machinery and equipment, furniture and fixtures and refinancing of business credit card debt. Eligible businesses include both start-up and existing businesses such as restaurants, retail shops, service businesses, small manufacturers, home-based businesses or other businesses that would typically meet the definition of a small business.
“Providing additional financing options shows that we are committed to helping small businesses grow and prosper in the region,” said Roy Nascimento, President & CEO of the North Central Massachusetts Development Corporation. “Helping small businesses is crucial to growing jobs and advancing North Central Massachusetts.”
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 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 $4.3 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.
For more information about the “A Second Chance” loan program or the other loan programs available through the NCMDC, please call 978.353.7607 or visit www.choosenorthcentral.com.
