Small Business Micro-Loan Helps Local Dog Care Business Grow
The North Central Massachusetts Development Corporation (NCMDC) has recently granted a small business loan to Norma’s Corner Dog Day Care in Townsend for $20,000. This loan enabled this small business to relocate and expand to a larger facility.
NCMDC granted a loan to Norma Foster, owner of Norma’s Corner Dog Day Care, for $20,000 to assist with relocating and the expansion of her business. Norma had been operating her grooming and dog breeding business from her home in Pepperell, MA for over 30 years. Recently she moved the business to a storefront in the Harbor Village Shopping Center located in Townsend, MA. The move will enable Norma and her son and business partner, Joseph Bouchard, to expand their services to include dog day care, overnight boarding and the sale of retail dog products. This loan was made in conjunction with a loan by North Middlesex Savings Bank and will help to retain two jobs and create one new job. For more information on Norma’s Corner Dog Day Care please visit www.normascorner.com.
“Helping strengthen small businesses and entrepreneurs stimulates job creation and is critical to North Central’s economic growth,” said Raymond J. Martino, President of Simonds International and Chairman of the Board of the NCMDC. “The North Central Massachusetts Development Corporation is providing much needed capital and technical assistance to help our local businesses grow and thrive in the region.”
The North Central Massachusetts Development Corporation is the region’s leading resource for economic development and job creation. As a microloan lender, NCMDC provides loans to small businesses up to $75,000 for working capital, equipment, inventory, expansion and working with our banking partners provide gap financing for the final piece of a project.
Over the last year, the North Central Massachusetts Development Corporation has lent nearly $400,000 to 21 start-up and existing businesses, which resulted in the creation or retention of 36 jobs in North Central Massachusetts. Micro-loans over the last year were leveraged with over $1.4 million in bank capital.
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 $4.2 million in loans to small businesses to help grow jobs and the economy in 26 communities in the North Central Massachusetts region.
For more information about the NCMDC loan programs, please call 978.353.7607 or visit https://www.northcentralmass.com/lending/