The North Central Massachusetts Development Corporation has developed a new Express Loan Program to assist existing small businesses that need quick access to funding. The new program offers a 48 hour loan decision for a loan request up to $5,000 with financing available within a week. If approved, the business is also eligible to receive business assistance from NCMDC staff and consultants.
The new program was developed to help local businesses that find themselves in a situation where they need fast access to capital and want to avoid high-interest credit cards or expensive and un-regulated online lenders. Eligible businesses include existing businesses such as restaurants, retail shops, service businesses, small manufacturers, home-based businesses or other businesses that would typically meet the definition of a small business. The loans can be used for inventory, equipment, working capital or to refinance existing business debt. Loans terms vary on the use of the funds and the interest rates are flexible, but generally close to the current fixed market rate.
The new program was launched by the NCMDC because of concerns over some small businesses having difficulty getting traditional loans and then turning to predatory lenders that offer a quick turnaround, but burden the business with exorbitant and deceptively high interest rates. The high interest and associated costs then make it harder for the business to grow and be successful.
“We don’t want our local businesses saddled with high interest and hidden fees,” said Roy Nascimento, President of the North Central Massachusetts Development Corporation. “We want them to consider us first. Our goal is to help these businesses grow and prosper, which ultimately helps the North Central Massachusetts economy.”
The North Central Massachusetts Development Corporation (NCMDC) is a non-profit corporation with the mission of creating jobs and improving the economy of North Central Massachusetts. 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. The NCMDC is certified by the U.S. Department of the Treasury under the Community Development Financial Institution (CDFI) program and is a micro-loan intermediary for the U.S. Small Business Administration. Since 1996, the NCMDC has granted over $4.2 million in loans to small businesses to help grow jobs and the economy in 26 communities in the North Central Massachusetts region.
For more information about the new express loan or the other loan programs available through the NCMDC, please call 978-353-7607 or visit http://northcentralmass.com/lending/.