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A $20,000 micro-loan has helped establish a new small business in Townsend as it looked to relocate and expand its operations.
The North Central Massachusetts Development Corporation (NCMDC) recently granted the loan to Norma’s Corner Dog Day Care in Townsend. The money allowed owner Norma Foster to relocate the grooming and dog breeding business from her home to a storefront in the Harbor Village Shopping Center located in Townsend. The new location also allows the operation to expand its services to include dog day care, overnight boarding and the sale of retail dog products.
Micro-loans can strengthen not only small businesses but also the local economy, according to Raymond J. Martino, chairman of the board of the NCMDC.
Over the last year, the North Central Massachusetts Development Corporation has lent nearly $400,000 to 21 start-up and existing businesses, which resulted in the creation or retention of 36 jobs in North Central Massachusetts. Micro-loans over the last year were leveraged with over $1.4 million in bank capital.
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Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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