• River Styx Brewing – Fitchburg, MA

Loan Request

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.

Form Process

Please fill out the Loan Inquiry form or download the application packet below (three documents).

Loan Inquiry

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Loan Application Packet

Please download and submit all three forms below to Sandie Cataldo, NCMDC Manager.

MICROLOAN APPLICATION
MANAGEMENT BACKGROUND
PERSONAL FINANCIAL STATEMENT
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.

Eligible Use of Funds
  • Purchase of new or used equipment
  • Inventory
  • Working capital
  • Leasehold improvements
  • Acquisition of land and buildings
  • Refinancing of business debt
  • Gap financing in partnership with a bank
Non-Eligible
  • Not-for-Profit entities
  • Passive investment companies
  • Real estate investment companies
Loan Terms
  • Flexible interest rates determined at the time of closing
  • Loan terms vary based on the use of the funds
  • Secured by all assets which may be subordinated to bank debt
  • Guaranty of all owners of 20% or more of the business
  • May be secured by personal assets
  • Minimum of 10% borrower cash contribution
  • Low closing costs
  • Business assistance
Requirements
  • Completed application, with three years of business tax returns (if applicable)
  • Personal financial statements and 3 years of personal tax returns for principals with 20% or more ownership
  • Business start ups must have a completed business plan that includes a marketing plan, financial projections, competitive advantages, personnel requirements and management resumes
  • Evidence of 10% cash injection by the borrower
Technical Assistance

The NCMDC provides resources and technical assistance to both start-up and existing businesses looking to expand. This includes pre and post loan closing counseling to loan recipients. Throughout the year, the NCMDC and its partners also offer workshops and seminars designed to help small businesses start-up and grow. The NCMDC is also a host for SCORE and Clark University’s Small Business Development Center, both of which provide free counseling for small business owners.

Geographical Area

The North Central Massachusetts Development Corporation (NCMDC) operates in the areas designated by the North Central Massachusetts Economic Development Council of which it is a member. The area covers all of Worcester County and parts of Middlesex County and Franklin County.

Loan Programs

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.

Non-discrimination Statement:

In keeping with its economic development mission and with federal and state laws, NCMDC is committed to the principles of fair or equal opportunity lending. A consistent and high level of assistance and service will be provided to all small businesses and business owners regardless of race, national origin, religion, sex, age, marital status, disability, receipt of public assistance, or other factors. Underwriting standards will be applied fairly and consistently permitting access to credit for a broad range of customers. Applicants with equivalent credit qualifications will receive the same consideration.

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