The North Central Massachusetts Chamber of Commerce announced Monday that its economic development affiliate, the North Central Massachusetts Development Corp., is launching a new small business loan program.
Known as the Funding and Support Loans Program, or FASTrack, it provides loans of up to $5,000 and makes decisions on applicants within two business days of application. It is eligible for companies with at least one year of existence and one year of tax declarations.
All program closing fees and costs are waived, and loan terms include a fixed interest rate and no prepayment penalties. The loans can be used for working capital, debt consolidation, equipment, inventory and repairs, according to the North-Central chamber.
“We are excited to launch this new loan program as part of our commitment to help small businesses and entrepreneurs grow or grow,” said Roy Nascimento, President and CEO of the Chamber of Commerce. of north-central Massachusetts, in a press release. “The FASTrack program is a unique opportunity to help our small business owners access financing quickly while providing a little help for their success.”
The NCMDC serves businesses in 27 different communities in North Worcester County, including the towns of Fitchburg and Leominster. The Chamber of Commerce was established in 1984 and its other affiliates include Visit North Central Massachusetts and the North Central Massachusetts Chamber Foundation.