North Central chamber launches $5K quick business loan program
Photo/Edd Cote
Downtown Leominster
The North Central Massachusetts Chamber of Commerce announced Monday its economic development affiliate, the North Central Massachusetts Development Corp., is launching a new small business loan program.
Known as the Financing And Support Track Loan Program, or FASTrack, it provides loans up to $5,000 and makes decisions on applicants within two business days of application. It is eligible to businesses with at least one year of existence and one year of tax returns.
All fees and closing costs for the program are waived, and loan terms include a fixed interest rate and no prepayment penalty. The loans can be used for working capital, debt consolidation, equipment, inventory and repairs, according to the North Central chamber.
“We are pleased to launch this new loan program as part of our commitment to assist small businesses and entrepreneurs to grow or expand,” said Roy Nascimento, president and CEO of the North Central Massachusetts Chamber of Commerce, in a press release. “The FASTrack program is a unique opportunity to help our small business owners access funding quickly while offering a little bit of help toward their success.”
The NCMDC services businesses in 27 different communities in northern Worcester County, including the cities of Fitchburg and Leominster. The chamber of commerce was first established in 1984 and its other affiliates include Visit North Central Massachusetts and the North Central Massachusetts Chamber Foundation.
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