Lending

The North Central Massachusetts Development Corporation 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 with loans and business assistance.

SBA Microloan Program

Provides loans up to $50,000. This NCMDC capitalized this revolving fund through a loan provided by the U.S. Small Business Administration and a grant from the Commonwealth of Massachusetts.

EDA Loan Fund Program

Provides loans up to $75,000. The NCMDC established this revolving loan fund with a grant from the U.S. Economic Development Administration and matching private funds to assist small businesses and entrepreneurs with the gap financing needed to start or expand their business.

RRF Loan Fund

Provides loans up to $75,000, with the possibility of loan amount exceptions for larger loans with Board approval. The NCMDC established this loan fund using private funds and grants. Funding under this program is intended to promote economic development by leveraging private and other funding. Loans are typically made in conjunction with a bank.

Eligible Businesses

  • Start-up or existing business, including restaurants, retail shops, service businesses, manufacturers, home-based businesses, and many more
  • For profit corporation, partnership or proprietorship
  • Located in North Central Massachusetts
  • Tangible net worth not to exceed $6M
  • Less than $2M average net profit after taxes during the previous two years

The NCMDC requires that the business being financed will create at least one new job for every $20,000 obtained through our loan programs.

Our lending team can tell you which loans would be best for you and can guide you through the application process. Contact the NCMDC at (978) 353-7607. Click below for more details on the programs or download a loan application and other documents below.