Fitchburg’s 50/50 Diner receives $50K NCMDC micro-loan
Photo | Courtesy of North Central Massachusetts Development Corporation
From left: Brendan Hannen, micro-loan manager at North Central Massachusetts Development Corporation; Michael Cataldo, Reesi and David Cordio, Sandie Cataldo, economic development manager at North Central Massachusetts Development Corporation.
Management behind Fitchburg’s 50/50 Diner received a $50,000 loan from the North Central Massachusetts Development Corp., the economic development arm of the North Central Massachusetts Chamber of Commerce, the agency announced on Wednesday.
The loan was awarded to diner managers David and Reesi Cordio and Michael Cataldo, and will be used to refinance high-interest business debt, purchase equipment and utilize working capital during the coronavirus pandemic, according to NCMDC.
Management decided to update the diner, located at 440 River St., while it was shut down during the height of the state’s stay-at-home advisories.
NCMDC is a microloan lender which can provide loans to small businesses up to $150,000 for working capital, equipment, inventory, expansion and gap financing in conjunction with its banking partners.
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