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Micro-loan boosts Townsend small business

BY Sam Bonacci

8/31/2016
Courtesy
Courtesy
Norma's Corner is located in Townsend.

A $20,000 micro-loan has helped establish a new small business in Townsend as it looked to relocate and expand its operations.
The North Central Massachusetts Development Corporation (NCMDC) recently granted the loan to Norma’s Corner Dog Day Care in Townsend. The money allowed owner Norma Foster to relocate the grooming and dog breeding business from her home to a storefront in the Harbor Village Shopping Center located in Townsend. The new location also allows the operation to expand its services to include dog day care, overnight boarding and the sale of retail dog products.
Micro-loans can strengthen not only small businesses but also the local economy, according to Raymond J. Martino, chairman of the board of the NCMDC.
Over the last year, the North Central Massachusetts Development Corporation has lent nearly $400,000 to 21 start-up and existing businesses, which resulted in the creation or retention of 36 jobs in North Central Massachusetts. Micro-loans over the last year were leveraged with over $1.4 million in bank capital.