N. Central chamber named SBA microlender
Small businesses in the Fitchburg-Leominster area that need loans that banks won’t give them will now be able to approach the North Central Massachusetts Chamber of Commerce.
The chamber has been designated a microlender for small businesses by the U.S. Small Business Administration (SBA). The program allows for loans of up to $50,000 to firms that were either denied by banks or issued only part of what they sought, according to a statement from the office of U.S. Rep. James McGovern. He and U.S. Rep. Niki Tsongas were scheduled to announce the chamber’s inclusion in the SBA program Friday afternoon at the chamber.
McGovern, D-Worcester, and Tsongas, D-Lowell, both represent communities in the North Central region.
The microloans come with technical assistance to help ensure that more small businesses succeed and reduce the risk of default, the statement said.
The SBA program provides direct loans or grants to eligible non-profit microlenders so that they may provide the loans, business training and technical assistance to start-up, newly established and growing small businesses, the statement added.
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