A new tool to help small business grow

A new tool to help small business grow
North Central Mass. Development Corp. approved as SBA Microlender

Sentinel & Enterprise
UPDATED:   06/20/2015 10:50:56 AM

U.S. Rep. Niki Tsongas joins officials at the North Central Massachusetts Chamber of Commerce Friday as they hail the North Central Massachusetts


By Jon Bishop

jbishop@sentinelandenterprise.com

FITCHBURG -- The North Central Massachusetts Development Corp. is now an SBA Microlender, a designation that will help the agency provide a new level of support for growing small businesses.

Officials celebrated the development at a press conference Friday at the North Central Massachusetts Chamber of Commerce.

The U.S. Small Business Administration, as part of the approval, gave the NCMDC a loan of $500,000. Since 1996, the NCMDC has granted more than $4 million in loans to small businesses to help grow jobs and the economy in 26 communities in North Central Massachusetts.

Fitchburg Mayor Lisa Wong speaks to guests at the North Central Chamber of Commerce on Friday during the SBA Microlender announcement.SENTINEL & ENTERPRISE

Roy Nascimento, president of the North Central Massachusetts Development Corp., said "these funds will go a long way" toward helping small businesses.

Speakers praised the partnership between federal, state and local groups that led to this loan -- especially because it will go toward small businesses.

"Helping our small businesses succeed is the key ingredient to vibrant local economies," said U.S. Rep. Jim McGovern, adding that, thanks to this program, the chamber will be able to open the door to new opportunities that will "change lives and transform communities."

U.S. Rep. Niki Tsongas praised the dozens of people who came to the conference, because she said it demonstrates excitement.
The program, she said, "really reflects (that) these monies work best" in the hands of local people and businesses.

Seth Goodall, the New England regional administrator for the Small Business Administration, said this is a first step in helping small businesses.

"You just never know where these dollars will go," he said, noting that the money could help a start-up get out of the garage and onto the street.

"At the SBA, we really like to dream big," he said. "That's what's so great about this program."

State Rep. Stephen DiNatale called the SBA "an important aspect of the small businesses of the region," and his colleague in the House, state Rep. Dennis Rosa, said "this is great news for small businessmen and women."

And it's something Rosa could have used when he was first starting out. Back in 1975, he wanted to start an auto body shop and needed a loan. He couldn't get one.

Now, people won't have that problem, Rosa said.

"You're doing a real great service to our small business owners," he said.

Fitchburg Mayor Lisa Wong called the loan and the SBA Microlender status "a tremendous effort" and said it is "exactly what we needed."

Small businesses need to find ways to get capital, and this is how it gets started, she said.

"I look forward to all of the things that this will bring," she said.

Leominster Mayor Dean Mazzarella said small businesses are "the lifeblood of our communities."

"Listen, this is an area that was built on small businesses," he said.

With the $500,000, the NCMDC can provide up to $50,000 in microloans that will help businesses become successful, he said.

He expected empty storefronts to start filling up now, Mazzarella said.

The purpose of the NCMDC is to provide lending resources when they can't be met by other organizations, according to Ray Martino, president of Simonds International and the chairman of the NCMDC Board of Directors.

"So that's how this really works," he said.

The $500,000 arrangement is "terrific," he said.

"Well done," he said.

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