Photo | Courtesy
Roy Nascimento, CEO, North Central Massachusetts Chamber of Commerce
April 30, 2020
North Central chamber will process PPP loans for businesses without banking relationships
The North Central Mass. Development Corporation, the economic development arm of the North Central Massachusetts Chamber of Commerce, is now accepting applications for the $669-billion U.S. Small Business Administration's Paycheck Protection Program, the organization announced on Wednesday.
The program, as facilitated through NCMDC, is specifically intended for those in the organization's coverage area who are unable to apply through a local bank or credit union. Eligibility is limited to small business owners, sole proprietorships, independent contractors, self-employed persons and non-profit organizations.
Loans will be limited to $50,000, according to NCMDC.
PPP was launched in the wake of the coronavirus pandemic, to help businesses with fewer than 500 people deal with the economic fallout by providing up to $10 million in loans, part of which is forgivable if the businesses uses it to maintain staffing levels. The first $349 billion of funding ran out in 13 days and largely went to businesses who already had previous banking relationships.
NCMDC is certified by the SBA and the U.S. Department of the Treasury under the Community Development Financial Institutions Program.
Those interested in applying should contact the NCMDC through Bea Lee at blee@northcentralmass.com
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