{"id":16938,"date":"2021-12-16T10:22:49","date_gmt":"2021-12-16T15:22:49","guid":{"rendered":"https:\/\/www.northcentralmass.com\/?p=16938"},"modified":"2022-01-13T16:00:24","modified_gmt":"2022-01-13T21:00:24","slug":"chambers-development-arm-closes-out-a-successful-year-2","status":"publish","type":"post","link":"https:\/\/www.northcentralmass.com\/es\/chambers-development-arm-closes-out-a-successful-year-2\/","title":{"rendered":"Chamber\u2019s Development Arm Closes Out A Successful Year"},"content":{"rendered":"<p class=\"x_MsoNormal\">The Chamber\u2019s economic development affiliate, the North Central Massachusetts Development Corporation (NCMDC), completed its fiscal year on September 30, 2021.\u00a0 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.\u00a0 The NCMDC provided a total of\u00a0<span data-ogsb=\"yellow\">84<\/span>\u00a0loans during the year totaling\u00a0<span data-ogsb=\"yellow\">$1,755,253<\/span>\u00a0which helped retain or create a total of\u00a0<span data-ogsb=\"yellow\">158<\/span>\u00a0jobs. These included\u00a0<span data-ogsb=\"yellow\">20<\/span>\u00a0conventional microloans totaling\u00a0<span data-ogsb=\"yellow\">$915,200<\/span>\u00a0and 64 loans under round 2 of SBA\u2019s Payroll Protection Program for $<span data-ogsb=\"yellow\">840,053.62<\/span>.\u00a0 The average size of the loans was $20,895 with the smallest loan at $2,296 and the largest at $150,000.\u00a0 The conventional microloans were leveraged by another <span data-ogsb=\"yellow\">$717,500<\/span>\u00a0in financing from local banks and credit unions and $229,242 in equity from borrowers.\u00a0 The demographic breakdown for the conventional loans was 38% to minorities;\u00a024% to immigrants; 29% to women; and 81% to low and moderate income. Demographic breakdown for PPP loans was 53% to minorities; 58% were to women; and 64% to low and moderate income. \u00a0During the year, the NCMDC also provided 2,399 hours of direct technical assistance to start-up and existing small businesses and hosted several successful workshops and forums in partnership with the Chamber.<\/p>\n<p class=\"x_MsoNormal\">Since the microloan program was established in the 1990s, the NCMDC has provided a cumulative total of 313 microloans totaling $10,132,302.00 which have helped create 647 jobs and retain another 300 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 $22 million in loans.<\/p>\n<p class=\"x_MsoNormal\">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.<\/p>","protected":false},"excerpt":{"rendered":"<p>The Chamber\u2019s economic development affiliate, the North Central Massachusetts Development Corporation (NCMDC), completed its fiscal year on September 30, 2021.\u00a0 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.\u00a0 The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":16939,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-16938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chamber\u2019s Development Arm Closes Out A Successful Year &#187; 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