The new Economic Advancement Fund has four major objectives:
- Create, Grow, Recruit and Retain Businesses, Jobs and Investment to North Central Massachusetts;
- Develop a Well-Recognized, Exciting Brand and Image for North Central Massachusetts;
- Establish a Business Climate that Supports Growth in North Central Massachusetts; and
- Develop and Drive a Competitive Workforce and Talent Pipeline that Invests in Human Capital for our Region’s High Quality, High Impact Employers.
The Chamber and NCMDC have sought input and advice from a variety of sources including economic development experts, community leaders, board members and from the membership. These objectives also align with the goals outlined in the Chamber’s new Business Plan unveiled last year.
Whereas annual membership dues and sponsorships to the Chamber fund our daily activities to support members and programs, investments in this new fund are specifically targeted to implement and support our strategic economic development goals and expand our region’s economy in a broader, forward thinking capacity.
We are looking to businesses and individuals to help support this effort with contributions and investments to the Economic Advancement Fund. We have set a goal of $350,000 over the next three years to help supplement the expansion of our economic development efforts. Your financial investment will ensure that we have the resources to implement an intensive, expanded regional economic development program.
To learn more and invest in our Economic Advancement Fund, please contact Roy Nascimento at 978.353.7600 ext. 225 or via email.
The NCMDC is a 501 (c)(3) non-profit by the IRS and certified as a Community Development Financial Institution by the U.S. Treasury.
Why did you choose to launch this Economic Advancement Fund?
The North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation (NCMDC) have sought input and advice from a variety of sources including economic development experts, community leaders, board members and from the membership. The message has been clear that to sustainably grow our regional economy, we must continue to focus on assisting our existing businesses with issues restricting their growth, while marketing assets of North Central Massachusetts to new investment and industries.
What are the goals of the Economic Advancement Fund?
The new Economic Advancement Fund has four major objectives: 1) Create, Grow, Recruit and Retain Businesses, Jobs and Investment to North Central Massachusetts; 2) Develop a Well-Recognized, Exciting Brand and Image for North Central Massachusetts; 3) Establish a Business Climate that is Conducive to Growth in North Central Massachusetts; and 4) Develop and Drive a Competitive Workforce and Talent Pipeline that Invests in Human Capital for our Region’s High Quality, High Impact Employers.
Why is this so important to the future of North Central Massachusetts?
North Central Massachusetts is well positioned to succeed in the future, but that success will not just happen on its own. The region needs to be prepared to take full advantage of opportunities. We need to capitalize on our proven success by targeting economic, community, and talent development opportunities for regional growth. This new Economic Advancement Fund will focus on supporting these efforts to accelerate regional prosperity in North Central Massachusetts by helping us implement an intensive, expanded regional economic development program. Over the next three years, with your help, we can empower North Central Massachusetts to compete and win against better-funded economic development programs in other parts of the state and country.
Why the regional approach versus a local, municipal approach?
We are strong advocates of regionalism and collaborative efforts between businesses, educational institutions and our local communities and have often led or advocated for these efforts. The global economy is becoming increasingly competitive and engaging effectively in attracting, retaining, and expanding businesses demands a level of resources and marketing that is often not achievable by our individual communities and their municipal governments. We believe that we can collectively be more effective if we work together with stakeholders in the region toward common goals. In recent years, communities across Massachusetts and the country have demonstrated considerable success in fostering economic development through more regional collaborative approaches, most often led by the business community through a regional chamber of commerce or economic development organization.
How does this differ from what the Chamber and NCMDC already do to support economic development?
The Chamber and the NCMDC have a very successful track record of helping to create jobs and advance the economy in North Central Massachusetts. Click here to view some of our accomplishments. The funds from this Economic Advancement Fund will help augment and grow some of the successful strategies that we have undertaken to grow our economy. The Economic Advancement Fund also aims to make new investments in new targeted strategic economic development initiatives that will encourage the attraction and development of new businesses and support the existing businesses that we have here in North Central Massachusetts. In short, we are looking to take our successful economic development programs to the next level!
How does my campaign contribution relate to my Chamber Membership dues and current support?
Your contribution would be made to the NCMDC, which is the economic development arm of the Chamber and is considered a separate legal entity. So your support of the Economic Advancement Fund is separate and distinct from your dues payments, sponsorships and other support to the Chamber. It is our hope and plan that current members will continue to make annual dues payments/sponsorships to the Chamber in addition to the special support for this important initiative.
How will my contribution be recognized?
The NCMDC is an affiliate of the North Central Massachusetts Chamber of Commerce and works side by side with the Chamber and its other affiliates to advance the region’s prosperity. This unique relationship provides greater exposure and value for your contribution to the Economic Advancement Fund. The NCMDC and Chamber plan to recognize contributors to the Economic Advancement Fund in various ways, including through printed material, online and through the Chamber’s events and extensive communications channels. Contributors will be recognized by gift level.
Over how many years may I pay my pledge?
The North Central Massachusetts Development Corporation is offering pledge periods of one to three years, if requested. Donors will receive a reminder of their pledge payments due each year or as requested.
Will my contribution to the Economic Advancement Fund be tax deductible?
Yes. The North Central Massachusetts Development Corporation (NCMDC) is a tax-exempt organization under Section 501(c)(3). Please consult your financial advisor for specific guidance for your individual circumstance and to determine the most tax effective manner in which to make your gift.
Will my contribution to the Economic Advancement Fund qualify for credit under the Community Reinvestment Act (CRA)?
Yes. The North Central Massachusetts Development Corporation (NCMDC) is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI). Contributions made by financial institutions may qualify for CRA credit. Please consult your compliance officer or legal advisor for specific guidance for your individual circumstance and to determine the most effective manner in which to make your contribution.