North Central Mass Development Corp Provides  Financing to Native Joe’s Farmstand in Westminster

The North Central Massachusetts Development Corporation (NCMDC) recently approved a $75,000 loan to Joe Serio, owner of Native Joe’s located at 134 Main Street in Westminster adjacent to Westminster Pharmacy, also owed by Mr. Serio.

Joe purchased the old barn, built in 1825, just next to the pharmacy and renovated it to open Native Joe’s Farmstand.  The farmstand offers Herrell’s premium ice cream, local produce, bedding plants, and a small retail space with garden accessories, gifts and crafts as well as a deck with outdoor seating.  Native Joe’s is open from 11 a.m. to 8 p.m. on weekends and noon to 8 p.m. weekdays. This loan helped create three jobs and assisted Joe with the cost of designing, renovating the barn and purchasing equipment. This micro loan was a referral from TD Bank.  For more information on Native Joe’s Farmstand please visit them on Facebook or online at www.nativejoefarm.com.

As a microloan lender, NCMDC can provide loans to small businesses up to $150,000 for working capital, equipment, inventory, expansion and working with our banking partners to provide gap financing for the final piece of a project.

STARTING OR EXPANDING A SMALL BUSINESS 101 SEMINAR SCHEDULED FOR MAY

The North Central Massachusetts Development Corporation and Avidia Bank are holding two business workshops on Wednesday, May 2, 2018 aimed at assisting potential and existing entrepreneurs.

These free workshops are approximately two and a half hours each and are being held in partnership with the North Central Massachusetts Chamber of Commerce, Massachusetts Small Business Development Center, SCORE and NewVue Communities.  Both workshops will be held at the North Central Massachusetts Chamber of Commerce office, 860 South Street, Fitchburg, MA.

Session I: Fundamentals in Planning, Preparing, and Financing Your Business will run from 8:30 a.m. to 11:00 a.m. and will focus on evaluating and understanding the fundamentals of owning one’s own business.  Information on how to get started, where and how to get financing and the loan application process will be presented.  Registration begins at 8:00. Continental breakfast will be provided for all participants.  Presented by Bob Aspell, SCORE

Session II: Understanding the Purpose of Financial Statements and How They Can Help Determine the Health of Your Business will run from 11:30 a.m. to 2:00 p.m. and will focus on understanding a balance sheet, income statement and cash flow statement.  The workshop will also explain how a small business owner can anticipate financial needs in order to operate his/her business more efficiently.  Registration begins at 11:30. Lunch will be provided for all participants. Presented by Bob Aspell, SCORE

North Central Massachusetts Development Corp Grants a Micro-Loan to Small Business in Worcester

The North Central Massachusetts Development Corporation (NCMDC) recently granted a $20,000 micro-loan to Lauren and Zack Rohacik, owners of Steel Strength and Nutrition.   Steel Strength and Nutrition is a retail supplement store located at 458 Park Avenue in Worcester.  This business provides its customers affordable, high quality vitamins and minerals, herbal supplements, clean sports nutrition, meal replacements, and a limited selection of sports apparel and weight lifting equipment.  Zachary and Lauren have spent their entire adult lives as fitness enthusiasts, and competitive power lifters as well as coaches and sponsors of youth organizations, church groups and gyms.

This loan will assist with the purchase of inventory, as well as marketing and other costs associated with starting the new business. The loan was a referral from the Small Business Development Center (SBDC) at Clark University.  SBDC also assisted Lauren and Zack with a business plan and financial package.

As a microloan lender, the North Central Massachusetts Development Corporation can provide loans to small businesses up to $150,000 for working capital, equipment, inventory, expansion and can work with our banking partners to provide gap financing for the final piece of a project

North Central Massachusetts Development Corporation Approved as SBA Community Advantage Lender

T he North Central Massachusetts Development Corporation (NCMDC) has been designated as a “SBA Community Advantage Lender,” according to an announcement made today by Robert H. Nelson, Massachusetts District Director of the U.S. Small Business Administration.  New England SBA Regional Administrator Wendell Davis and SBA MA District Director Nelson co-presented the designation to NCMDC President Roy Nascimento at a special event in Fitchburg.

US Representatives Nikki Tsongas and James McGovern; Massachusetts Asst. Secretary of Business Development and Trade Nam Pham; Fitchburg Mayor Stephen DiNatale; and numerous other business and community leaders also participated in the special event.

Established in the wake of the 2008 Financial Crisis, the Community Advantage Lender Program seeks to extend credit to small businesses in underserved communities. It accomplishes this by seeking out lenders with experience working with clients who fit this description and ensuring their loans. The SBA provides guarantees of 85% for loans up to $150,000 and 75% for loans above that and up to $250,000.

To qualify as participants, applicants to the program are required to fit at least one of four criteria. Among these are recognition by the US Treasury as a Community Development Financial Institution (CDFI) and certification as an SBA approved microlender. Beyond that, participants are required to direct 60% of their Community Advantage backed loans to “underserved markets”. These include neighborhoods identified by the census as boasting a median income at or below 80% of the area median income (AMI), businesses who primarily employ individuals from low to moderate income (LMI) households or census tracts, new businesses established within the last two years, and businesses qualified to participate in the SBA’s Veterans Advantage Program.

Already a SBA certified microlender and federally recognized Community Development Financial Institution, the NCMDC provides gap financing and serves as a lender of last resort for small businesses and entrepreneurs throughout Central Massachusetts. In doing so, it has lent out roughly $6 million since its inception in 1996, leveraged an additional $21 million in private funds, and created nearly a thousand jobs. During a recent review of its portfolio, roughly half of its existing loans were found to be located in low to moderate income census tracts. “We are very excited and honored to have been selected as an SBA approved Community Advantage Lender,” said Roy M. Nascimento, President & CEO of the North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation.  “This new partnership with the SBA will go a long way in helping to support local small businesses and the economic growth of the region.”

“The power of the Community Advantage Program is that it allows mission-based lenders like North Central Massachusetts Development Corporation — the ability to better meet the financing needs of the region’s small business that grow and thrive beyond traditional microfinance levels,” said Bob Nelson, SBA Massachusetts District Director.  “This new status will allow NCMDC to leverage the guarantee of the Small Business Administration, which is typically 75% – 85% of the loan, up to $250,000 — to help more promising small businesses obtain the right amount of capital they need to start, grow and build vibrant business districts.”

Among those speaking at Thursdays event were the region’s two US representatives. Congratulating the NCMDC for their designation, Rep. Tsongas stated that “So much American innovation occurs within small businesses and the federal government must play a deliberate role in supporting small business growth.” She went on to point out that “Partnerships between federal agencies and local organizations like the North Central Massachusetts Development Corporation are how the federal government can be a strategic partner.”

Rep. McGovern likewise stated that “Keeping our economy strong starts with smart investments in local small businesses. North Central Massachusetts Development Corporation is playing a vital role in helping small businesses in our region get the support they need to succeed. Their work with small businesses in underserved communities is helping to break down barriers and open more doors for entrepreneurs from all backgrounds. I am proud to support NCMDC and look forward to seeing all the ways they help to expand opportunity and grow our economy for years to come.”

Under this program, loans made by the NCMDC can be used for working capital, leasehold improvements, machinery and equipment, furniture and fixtures and refinancing of business credit card debt. Eligible businesses include manufacturing, retail, wholesale and service businesses usually having five employees or less at the time of application and meeting the definition of small business. The interest rates are flexible, but generally close to the current fixed market rate.

North Central Massachusetts Development Corp Grants an Express Loan to Small Business in Acton

The North Central Massachusetts Development Corporation (NCMDC) recently granted a $5,000 Express Loan to Jennifer Morales, owner of Genesis Coaching and Consulting located in Acton.  Genesis is a coaching and consulting private practice for educational, career, and wellness goals with a special focus on those living with a mental illness, their family member, and first generation college students.   Dr. Jennifer Morazes has been coaching and mentoring students for 20 years and recently opened her own business which is located at 282 Central Street, Acton, MA.  This loan will assist with the purchase with start-up costs associated with starting this new business. The loan was a referral from Commerce Bank.   For more information visit www.genesistimetobegin.com

As a microloan lender, the North Central Massachusetts Development Corporation (NCMDC) can provide loans to start up and emerging small businesses up to $150,000 for working capital, equipment, inventory, expansion and can work with our banking partners to provide gap financing for the final piece of a projectNCMDCs Express Loan program is a $5,000 microloan that offers a quick and easy turnaround for access to capital.  Express Loan clients must have been in business for a minimum of one year.

The North Central Massachusetts Development Corporation (NCMDC) is a non-profit economic development corporation with the mission of creating jobs and improving the economy. NCMDC 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 in 76 communities in Worcester, Middlesex and Franklin Counties with loans and business assistance.  Since 1996, the NCMDC has granted over $6,000,000 in loans to small businesses to help grow jobs and the economy in the region

For more information about the NCMDC loan programs, please call 978.353.7607.

North Central Mass Development Corp Grants Micro Loan to Hailey’s Takeout

The North Central Massachusetts Development Corporation (NCMDC) recently granted a loan to Henry Genao for $15,000 to assist with startup costs associated with opening Hailey’s Takeout.  Hailey’s Takeout, named after Henry’s daughter, is a fast-casual Spanish-American Restaurant located at 301 Lancaster Street in Leominster.  The new restaurant will offer a variety of lunch and dinner items, and plans to add delivery options in the future.  The hours of operation are from 11:00 a.m. – 9:00 p.m.  For more information on Hailey’s Take Out, please visit them on Facebook at www.facebook.com/HaileysTakeOut.

 

NewVue Communities assisted Henry with his business plan and financial package.  To learn more about NewVue Communities and the many services they provide please visit http://newvuecommunities.org.

 

As a microloan lender, NCMDC can provide loans to small businesses up to $150,000 for working capital, equipment, inventory, expansion and working with our banking partners to provide gap financing for the final piece of a project.

 

The North Central Massachusetts Development Corporation (NCMDC) is a non-profit economic development corporation with the mission of creating jobs and improving the economy. NCMDC 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 in 76 communities in Worcester, Middlesex and Franklin Counties with loans and business assistance.  Since 1996, the NCMDC has granted over $6,000,000 in loans to small businesses to help grow jobs and the economy in the region

 

For more information about the NCMDC loan programs, please call 978.353.7607.

 

Leominster Salon Receives Micro-loan from North Central Mass Development Corp

The North Central Massachusetts Development Corporation (NCMDC) granted a micro-loan to Sarah and Jacob Hawkins for $25,000 to assist with the purchase of Rituals Salon and Day Spa, an existing business located in Leominster.  Sarah has over 15 years of experience in the industry starting her career in San Diego before joining Rituals 11 years ago.  Rituals Salon, an Aveda Concept Salon, is conveniently located at 646 Central Street in Leominster and has been in business for over 17 years offering hair, nails, skin and massage services.

This loan was a gap loan in partnership with Workers Credit Union.  NewVue Communities assisted the new owners with a business plan and financial package.  For more information please visit www.ritualsspa.com.

As a microloan lender, NCMDC can provide loans to small businesses up to $150,000 for working capital, equipment, inventory, expansion and working with our banking partners to provide gap financing for the final piece of a project.

 The North Central Massachusetts Development Corporation (NCMDC) is a non-profit economic development corporation with the mission of creating jobs and improving the economy. NCMDC 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 in 76 communities in Worcester, Middlesex and Franklin Counties with loans and business assistance.  Since 1996, the NCMDC has granted over $6,000,000 in loans to small businesses to help grow jobs and the economy in the region

 

For more information about the NCMDC loan programs, please call 978.353.7607.

HOMETOWN BANK COMMUNITY FOUNDATION CONTRIBUTES $15,000 TO NORTH CENTRAL MA DEVELOPMENT CORPORATION’S ECONOMIC ADVANCEMENT FUND

Michael Hewitt, President of Hometown Bank Community Foundation announced a contribution of $15,000 to North Central MA Development Corporation (NCMDC).

NCMDC serves twenty six communities within Worcester, Middlesex and Franklin Counties focusing on micro-lending, creating jobs and operating small business workshops. Their recent efforts have helped create dozens of new businesses and helped dozens more grow thereby creating several hundred new jobs in local communities.

In celebration of NCMDC’s 30 years of service, they are launching an Economic Advancement Fund to help expand their economic development efforts. bankHometown has supported NCMDC for years and this recent $15,000 contribution from Hometown Bank Community Foundation will help support this new fund and NCMDC’s efforts to further job and business growth.

Christina DiRusso, bankHometown’s assistant vice president of commercial lending, is a member of NCMDC’s micro loan committee. She said “I see first-hand the number of businesses that are helped with counseling and micro loans.” She added that they are a valuable organization in their market as they “facilitate and connect businesses and help promote local businesses with events and press.”

bankHometown is headquartered in Oxford, Massachusetts and has $730 million in assets.  bankHometown has served its communities since 1889 and operates thirteen full service offices; eight in central Massachusetts and five located in northeastern Connecticut.

Little Leaf Farms Hosts Local Youth as Part of Manufacturing Month Activities

Students from the Boys and Girls Club of Fitchburg and Leominster participated in a special tour of Little Leaf Farms located in Devens on Thursday, October 26, 2017.

The North Central Massachusetts Chamber of Commerce and its economic development affiliate the North Central Massachusetts Development Corporation organized the tour in partnership with Mr. Jon Blodgett, Teen Director of the Boys & Girls Club.  The tour was part of efforts to celebrate Manufacturing Month and inspire young people to consider careers in advanced manufacturing.

Located in Devens, MA, Little Leaf Farms has built the most modern, technologically-advanced greenhouse in the world that can produce year-round, locally grown baby greens that give New England consumers an alternative to West Coast grown lettuce.  All Little Leaf Farms products are non-GMO and pesticide/herbicide-free.

The Little Leaf Farms team kicked off the day’s events at their facility in Devens, with an informative presentation followed by a tour of their agricultural production.  Co-founders of Little Leaf Farms, Paul Sellew and Tim Cunniff, lead the tour and stopped to engage a few of the younger employees along the way.  The young men and women from the Boys and Girls Club learned about automation, modern agricultural processes and other facets of the business.

 

“Manufacturing is alive and well in North Central Massachusetts,” said Roy Nascimento, President and CEO of the North Central Massachusetts Chamber of Commerce, “Advanced manufacturing accounts for one in four jobs in the region and these are some of the most well-paid, highly trained and in demand jobs in the workforce, working on some of the most advanced equipment and technology.”

However, many manufacturers have been challenged recruiting the workers they need.  Despite the high wage potential and increasing employe  r demand, there is both a need for more young workers and a skills gap among an existing and a transitioning workforce.

The North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation remain committed to supporting and growing this critical sector of the region’s economy.  From our collaborations with local schools and colleges, internship and career exploration programs and our HYPE program, the North Central Massachusetts Chamber of Commerce and the North Central Massachusetts Development Corporation, are engaging and connecting businesses to the next generation of talent—to ensure a consistent and continual pipeline of talent.

For more information, please contact the Chamber at 978.353.7600 ext. 244 or visit www.northcentralmass.com.

North Central Massachusetts Development Corporation and Greater Gardner Chamber of Commerce Partner to boost Small Business Development

The North Central Massachusetts Development Corporation (NCMDC) and the Greater Gardner Chamber of Commerce have announced a new partnership to bring additional micro lending resources closer to young companies in the Gardner area of Massachusetts.

The collaboration involves the NCMDC providing start-up and existing small businesses in the Greater Gardner area with access to its microloan financing programs, which provide loans of up to $150,000 to help businesses that may not meet the traditional lending standards.  The Greater Gardner Chamber of Commerce will provide the NCMDC with marketing support and a presence in their office for their loan officers to counsel potential clients.

 

“We’re really pleased to be able to partner with the North Central Massachusetts Development Corporation on this loan program,” said Jim Bellina, President & CEO of the Greater Gardner Chamber of Commerce. “This is a great resource to support businesses and economic development in the greater Gardner area. The NCMDC’s track record and commitment to growing new and existing businesses in North Central Massachusetts have played an important role in our expanding regional renaissance.”

“Our microloan program has had a profound impact on our business community in North Central Massachusetts. We have a long and successful history of supporting small businesses with financial resources and technical assistance,” said Roy M. Nascimento, President & CEO of the North Central Massachusetts Development Corporation. “We are excited to partner with the Greater Gardner Chamber of Commerce to continue to help support the small and emerging businesses that are so important to the economic advancement of North Central Massachusetts.”

The North Central Massachusetts Development Corporation (NCMDC) is a non-profit corporation certified by the U.S. Small Business Administration (SBA), and the U.S. D

 

epartment 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.  Since 1996, the NCMDC has granted over $6 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 $21 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.

Microloan programs have become increasingly important to the business community since the economic collapse in 2008 that put more restrictions on how banks can serve small business loans. Micro loans made by the NCMDC can be used for working capital, leasehold improvements, machinery and equipment, furniture and fixtures and refinancing of business credit card debt. Eligible businesses include manufacturing, retail, wholesale and service businesses usually having five employees or less at the time of application and meeting the definition of small business. The interest rates are flexible, but generally close to the current fixed market rate.

NCMDC loan officers will be available via appointment to serve the needs of new clients in the Gardner area. To schedule an appointment, please contact the NCMDC at 978.353.7607 or contact the Greater Gardner Chamber of Commerce at 978.632.1780.