The Worcester Regional Chamber of Commerce and the development arm of the North Central Massachusetts Chamber of Commerce on Wednesday announced a partnership to bring microloan services to the city of Worcester and South Worcester County.
The collaboration with the North Central Massachusetts Development Corp. – which has loaned out $4.3 million to small businesses in North Worcester County since 1996 – will provide loans of up to $50,000 to startup and existing small businesses in Worcester that may have difficulty getting traditional financing.
In exchange for the microloan program, the Worcester chamber and its affiliates in Blackstone Valley, Auburn, South Worcester County, the Wachusett area and Greater Webster will provide marketing support in their communities and space in their offices for loan officers.
"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 Nascimento, president & CEO of the North Central Massachusetts Development Corp., in the announcement.