Greater Worcester

The Worcester Business Development Corp. said two companies establishing operations in Central Massachusetts have taken out nearly $1.8 million in loans from the agency.

For the second time in less than three months, UMass Memorial Health Care has received a credit downgrade by Moody's Investors Service. Moody's cited ongoing challenges in UMass's core operations, including declining admission volumes and “constrained” revenue growth, as reasons for the downgrade.

Quinsigamond Community College (QCC) will receive a $500,000 grant for their engineering, science and technology center, the school announced.

Worcester Polytechnic Institute (WPI) will receive $2.1 million over the next two years to develop more effective and durable army vehicles and systems.

Three community development organizations in Central Massachusetts received a combined $330,000 to increase economic opportunities for low- and middle-income households, the Patrick administration announced today.

The Higgins Armory Museum was officially placed on the market Monday, more than two months after the historic knightly armor museum in Worcester closed its doors.

Commerce Bank said it and Habitat for Humanity—MetroWest/Greater Worcester have been awarded a $50,000 grant by the Federal Home Loan Bank of Boston that will help fund the rehabilitation of a single-family home in Auburn.

Although it finished 2013 with an operating loss, Fallon Health reported net income of $13.2 million last year, thanks to nearly $16 million in investments and other income, the Worcester-based health care services organization said.

Assumption College laid off 15 staff members this week as the Worcester school tries to respond to growing cost pressures it says the entire higher education industry is facing.

Five top executive officers of the Hanover Insurance Group are being paid bonuses for last year that total nearly $3.7 million, according to a report the Worcester-based company filed last week with the U.S. Securities and Exchange Commission.