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.

Eligible Businesses

  • Start-up or existing business, including restaurants, retail shops, service businesses, manufacturers, home-based businesses, and many more
  • For profit corporation, LLC, partnership or proprietorship
  • Located in Worcester County, or parts of Frankling County or Middlesex County
  • Tangible net worth may not exceed $6 million
  • Less than $2 million 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.

EDA Revolving Loan Program

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.

SBA Micro-Loan Program

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.

USDA Micro-Loan Fund Program

NCMDC capitalized this revolving fund through a loan provided by the U.S. Department of Agriculture and funds provided by local partners.

RRF Loan Fund

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.