The South Middlesex Opportunity Council (SMOC) is set to open a new center in Worcester on Wednesday that will provide low-interest microloans to small businesses and underserved entrepreneurs throughout Worcester County.
The SMOC Financial Services (SFS) low-interest loans will be focused on minorities, women, veterans and immigrants to help them stabilize and start their businesses. This would be the first privately capitalized micro-enterprise initiative in the region, according to SMOC.
“Our goal at SFS in Worcester is to narrow the gap for those with limited or no access to traditional financial services, and the only way we can do that is with the full participation of dedicated community partners, in particular, our local banks,” SMOC Executive Director James T. Cuddy said in a statement.
Investing banks include: Commerce Bank, Southbridge Savings Bank, Country Bank for Savings, Middlesex Savings Bank, Mutual One Bank and Needham Bank.
