Massachusetts Small Business Development Center Network
Western Regional Office


Financial Resources


Having sufficient financial resources to support your business may make the difference between the success and failure of your business. 

The Western Regional Office can help you negotiate the financial challenges faced by start-up and expanding businesses. The SBDC does not provide financing. We work with banks and other lending organizations (both conventional and non-conventional sources) to assist in putting together financial projections, but the actual financing comes from outside sources. The SBDC can also assist with assembling financial statements, preparing loan applications and securing the best financing options for your business.

This financial resources listing has been compiled by the Western Massachusetts Regional SBDC. It is intended for general information only and is not comprehensive.



Federal Programs

New England Trade Adjustment Assistance Center (NETAAC)
71 Faulkner Street
North Billerica, MA 01862
Tel: 978-663-9870
Contact: Lisa L. McHatton, Director

NETAAC helps Massachusetts manufacturers who are hurt by import competition by providing them with consulting services at reduced costs. This program is administered by the U.S. Department of Commerce. Under this program the federal government will pay up to seventy-five percent of the cost of projects, including (but not limited to): ISO 9000 certification and training; export assistance; market studies; sales organization development or improvement; creative services for promotional literature; industrial engineering; plant layout and work-flow improvements; energy surveys; and development of cost systems.

U.S. Department of Agriculture (USDA)
Rural Development
451 West Street, Suite 2 
Amherst, MA 01002-2999
Tel: 413-253-4300
Michael Rendulic, Acting State Director

USDA Farm Service Agency (FSA)
445 West Street
Amherst, MA 01002
Daniel Smiarowski, Acting State Executive Director
Tel: 413-253-4500

The U.S. Department of Agriculture provides business financial assistance through direct lending and loan guarantee programs. Business applicants must be located in rural areas. Agricultural loan inquiries should be made to FSA; all other types of business ventures should contact Rural Development. Program delivery is through Service Centers at multiple locations.

U.S. Small Business Administration (SBA)
Scibelli Enterprise Center
1 Federal Street
Springfield, MA 01105
Tel: 413-785-0484
Oreste Varela, Branch Manager

The SBA administers various programs that provide financial and management assistance to small businesses. To learn more about SBA's loans and grants, visit   SBA's most active programs include the following:

  • 7(a) Loan Guarantee Program. The SBA can guarantee up to 85% percent of loans of $150,000 and less, and up to 75% percent of loans up to $2 million. In most cases, the maximum guaranty is $1,500,000. Loans can be used for the purchase, expansion or renovation of land or buildings, the purchase of equipment or inventory, working capital needs and, in certain circumstances, refinancing of existing debt.

  • SBA Express. The SBA Express loan program is an expedited loan program where the SBA lenders uses mostly its own forms, documents and procedures and in exchange receives a lower SBA guaranty - 50%. Approvals under this program are provided within 36 hours of submission to SBA. Loan sizes are up to $350,000.

  • 504 Certified Development Company Program. Through this program the SBA provides financing to businesses through "certified development companies" (corporations established to contribute to the economic development of their community or region). Projects financed under this program generally include a loan from a private lender covering up to 50% of the project costs and a second loan from a certified development company (guaranteed by the SBA). This program enables growing businesses to secure long-term, fixed-rate financing for major fixed assets such as purchase and improvement of land, the construction or renovation of facilities, or the purchase of new or used machinery and equipment.






State Programs

Bay Colony Development Corporation (BCDC)
1601 Trapelo Road, Suite 222
Waltham, MA 02451
Tel: 781-891-3594
Mike Topalian, Loan Specialist/Manager

BCDC is one of the state's largest providers of Section 504 fixed asset financing. A non-profit corporation, BCDC works with banks and small to medium sized firms to provide 90% financing for the acquisition and/or expansion of real estate and equipment. Historically, projects have ranged in size between $400,000 and $5,000,000.


BDC Capital / New England Certified
500 Edgewater Drive, Suite 555
Wakefield, MA 01880
Tel: 781-928-1100
Contact: Carol C. Brennan, Director of Business Development

BDC Capital/New England Certified is a private company established in 1953 with the support of more than 50 local banks and financial institutions to provide nontraditional growth capital to Massachusetts businesses. Their Western Massachusetts office is located in West Springfield.   BDC Capital/New England Certified provides loans to businesses in Massachusetts that are unable to obtain financing from conventional lenders. It also provides loans to companies that need supplemental financing to make conventional debt work. These loans may be used for working capital purposes, the acquisition of real estate, machinery or equipment, mergers and acquisitions, or debt restructuring. The loans range in size from $50,000 to $1 million and can be structured with longer loan terms and more aggressive collateral advance rates than conventional bank loans. 

BDC Capital/New England Certified is also a SBA "premiere certified lender" for 7A guarantees, in the event that the borrower's collateral is insufficient to support the desired amount of financing.  

  • BDC Capital provides community loans to companies that are minority or women-owned, not-for-profit, employ a predominantly minority workforce, or demonstrate a direct positive impact on economically disadvantaged areas. The loans may be used for equipment, real estate, working capital or any other reasonable business or community development purpose.  

  • New England Certified Development Corporation, an affiliate of BDC Capital, offers the popular SBA 504 program to businesses for owner-occupied property. New England Certified consistently receives the highest rating from the the U.S. Small Business Administration. SBA 504 loans, for projects ranging in size from $500,000 and up, may be used for:

    • The purchase of land and buildings

    • New construction, renovation and leasehold improvements

    • Acquisition of machinery and equipment

Borrowers get low-cost fixed rates with longer terms and low down payments. With an SBA 504 loan, a borrower obtains a first mortgage loan for usually 50% of the project from a bank. There is no maximum dollar amount. New England Certified then provides a secondary loan (called a debenture) for the next 40%. Certain manufacturing entities are eligible for up to a $4 million debenture. All other industries are capped at $2 million. Up to 90% financing means the borrower typically provides only 10% equity for the project. Loan terms may extend as long as 20 years, and low fixed interest rates (fixed for 20 years for real estate; 10 years for equipment) are available on up to 40% of the project.


Community Economic Development Assistance Corporation (CEDAC)
One Center Plaza, Suite 350
Boston, MA 02108
Tel: 617-727-5944
Contact: Roger Herzog, Executive Director

CEDAC is a quasi-public corporation established to promote the development of community-based, non-profit development organizations in Massachusetts to benefit low and moderate-income neighborhoods and communities. CEDAC provides professional expertise and equity capital in the form of traditional loans for the predevelopment costs of real estate projects.


Granite State Development Corporation (GSDC)
PO Box 15
Granville, MA 01034  
Tel: 413-271-0099
Contact: Tracey Gaylord, Vice President

Granite State Economic Development Corporation (GSDC) is a non-profit lender authorized to process and service U.S. Small Business Administration loans utilizing the 504 lending program. The GSDC is the most active certified development company in New England and provides financing in the states of Maine, Massachusetts, New Hampshire and Vermont. GSDC's mission is to assist small businesses to expand and grow, thereby helping the New England economy. Since 1990, in cooperation with valued bank lending partners, they have participated in more than 4,000 transactions for over $1.5 billion, helping create over 20,000 jobs in New England.


Massachusetts Capital Resource Company (MCRC)
420 Boylston Street #5
Boston, MA 02116
Tel: 617-536-3900
William J. Torpey, Jr., Chairman

MCRC was formed by the Massachusetts-based life insurance industry in 1977 in response to a study of the region's economy produced for the Massachusetts Task Force for Economic Development. MCRC is a private company that promotes economic development by providing growth capital to established local businesses throughout the Commonwealth. When formed in 1977, the concept of a private company acting as a geographically focused investment fund was new and unproven. Over the past twenty years, our unique approach to community-based investing has produced outstanding results. Over this period, MCRC has invested approximately $400 million in 219 companies located in 98 communities resulting in the creation of over 15,000 jobs.


Massachusetts Department of Housing and Community Development (MDHCD)
100 Cambridge Street, Room 300
Boston, MA 02114
Tel: 617-573-1100
Contact: Aaron Gornstein, Undersecretary

MDHCD administers programs that provide economic assistance to businesses engaged in economic development projects.

  • Massachusetts Community Capital Fund (MCCF)
    MCCF provides debt financing to for-profit and non-profit businesses that provide significant employment opportunities in eligible Massachusetts municipalities. Municipalities apply for MCCF funds on behalf of the local business or non-profit. If approved, MDHCD awards a grant to the community that, in turn, lends funds to the borrower. MCCF loan rates and terms are flexible and based on the needs of each borrower. The three major criteria for funding are: 1) financial need, 2) job creation/retention for low and moderate-income persons, and 3) credit-worthiness of the borrower. MCCF funds up to one-third of a total capital project. Loan size ranges from $100,000-$490,000. Financing can be provided for purchase of capital equipment, working capital, acquisition of real estate, new construction or rehabilitation, and in some cases refinancing. 

  • Section 108 Loan Program
    This program is designed to promote infrastructure development and business expansion. Under this program a municipality must apply for and administer the loan to a business borrower. The State guarantees the loan while actual funding is provided through the sale of bonds by the federal Department of Housing and Urban Development (HUD). The State will guarantee up to 40% of the total project costs with maximum guarantees ranging from $500,000 to $5,000,000.


Massachusetts Growth Capital Corporation (MGCC)
529 Main Street
Schrafft Center, Suite 1M10
Charlestown, MA 02129
Tel: 617-523-6262      
Contact: Charles Grigsby, President
The mission of the Massachusetts Growth Capital Corporation is to create and preserve jobs at small businesses, women and minority owned businesses, and to promote economic development in underserved, gateway municipalities and low and moderate income communities.   
MGCC provides a centralized resource at the state level that offers working capital, loan guarantees, and targeted technical assistance to solve specific financial and operational problems. MGCC will provide 50% of the cost of such assistance while the company being assisted will invest the other 50%.  
MGCC will build on the work of its predecessor agencies by working with traditional financial institutions to make "un-bankable" loans bankable, by working with community development corporations and other non-profits to provide financing for job-producing projects, and by assisting a wide range of small businesses to find the growth capital they require. MGCC will seek to assist manufacturers that are expanding, other growth sectors and small businesses in older Gateway Cities.


1075 Main Street, Suite 100
Waltham MA 02451
Tel: 617-723-4920
Charlie Hipwood, President & CEO 

MassVentures was formed in 1978 as a quasi-public corporation by the Commonwealth of Massachusetts to address the capital gap for start-up companies and to encourage the growth of early-stage technology firms. MassVentures is a venture capital firm focused on fueling the Massachusetts innovation economy by funding early-stage, high-growth Massachusetts startups as they move from concept to commercialization. MassVentures focuses on Series A investments and considers occasional and opportunistic seed rounds. It provides capital for first-time CEOs and/or founders, and considers industry segments not adequately served by the venture community.


160 Federal Street
Boston, MA 02110
Tel: 617-330-2000
Contact: Robert Culver, President/CEO

Western Mass Regional Office
1350 Main Street, Suite 1110
Springfield, MA 01103
Tel: 413-731-8848 

MassDevelopment functions as the Commonwealth's financing tool for building businesses and communities. It is able to fortify Massachusetts' diverse industries through the use of predevelopment assistance funds, tax-exempt and taxable bonds, tax-exempt lease/purchase financing programs, emerging technology programs, export finance funds and direct loan/guaranty programs.



Local Programs

Agawam Small Business Assistance Center
City Hall, 36 Main Street
Agawam, MA 01001
Tel: 413-786-0172

Contact: Dee Emery-Ferrero, Chairperson

The Center promotes the growth, development and retention of businesses in Agawam and the surrounding communities. Funded by donations from area businesses and organizations, and staffed by volunteers, the Center offers professional counseling, workshops and other support services to area entrepreneurs who want to start or improve their businesses.


Berkshire Enterprises
1350 West Street
Pittsfield, MA 01201
Tel: 413-236-2141
Contact: Steve Fogel, Program Director

Berkshire Enterprises aids, encourages, trains, nurtures, and advises entrepreneurs in the development, start-up, and management of their businesses.


Common Capital Inc.
1780 Main Street
Springfield, MA 01103
Tel: 413-233-1680
Contact:  Kimberly Gaughan, Loan Fund Manager

Common Capital is a community financing resource for businesses, community projects and nonprofit organizations in Western Massachusetts.


Holyoke Economic Development and Industrial Corporation (HEDIC)
City Hall Annex, Room 406
20 Korean Veterans Plaza
Holyoke, MA 01040
Tel: 413-322-5655

The Holyoke Economic Development and Industrial Corporation (HEDIC) administers the Holyoke Industrial Development Loan Program to assist new and expanding companies meet their capital needs. 



Other Sources of Funding

 Long River Ventures
7 North Pleasant Street
Amherst, MA 01002
Tel: 413-587-2159
Tripp Peake, Manager and General Partner

Long River Ventures is an early stage venture capital firm that typically invests in a mix of seed, start-up, and more advanced early stage companies. They primarily invest in information technology and healthcare, as well as other products and services enhanced by technology and innovation including business services, environmental technologies and consumer product and services.


Longmeadow Capital Partners, LLC
171 Dwight Road, Suite 310
Longmeadow, MA 01106
Tel: 413-567-3366
Contact: Richard Steele, Managing Partner

Longmeadow Capital Partners provides risk capital and transactional support to facilitate the following types of transactions for privately held middle market companies: growth financing; sale, divestiture or spin-off; management buyouts; generational transitions; and recapitalizations.


River Valley Investors
PO Box 897
South Hadley, MA 01075
Tel: 413-667-9886
Contact: Paul G. Silva, Manager

River Valley Investors exists as a group formed for the purpose of screening and reviewing businesses looking for equity investment. River Valley Investors was formed to serve as a meeting ground for individual investors and as a place for entrepreneurs to present investment opportunities to a select group of investors.


Village Ventures, Inc.
430 Main Street, Suite 1
Williamstown, MA 01267
Tel: 413-458-1100 
Contact: Matt Harris, Managing General Partner or Bo Peabody, Managing General Partner

Village Ventures is a privately held operating company that manages a network of early-stage locally focused venture capital funds and invests directly in the promising companies emerging from that network. It also invests capital alongside the funds and has proprietary access to second and third stage opportunities emerging from these funds.



Non-Financial Resources

Massachusetts Office of Business Development (MOBD)
10 Park Plaza, Suite 3730
Boston, MA02116
Tel: 617-973-8600
Contact: James Ermilio, Executive Director

MOBD Western Office
1350 Main Street, Suite 1110
Springfield, MA 01103
Tel: 413-733-5357

Contact: Michael L. Vedovelli, Regional Director

MOBD's mission is to assist in the creation and preservation of jobs in Massachusetts. They help businesses currently located in Massachusetts, as well as those outside the state that are interested in expanding, relocating, or simply exploring a range of business opportunities. MOBD serves as a single point of entry for businesses wishing information on state resources.


Service Corps of Retired Executives (SCORE)
Scibelli Enterprise Center
1 Federal Street, Building 101
Springfield, MA 01105-1222
Tel: 413-785-0314

c/o Franklin County Chamber of Commerce
395 Main Street, PO Box 790
Greenfield, MA 01302
Tel: 413-773-5463

SCORE, affiliated with and sponsored by the U.S. Small Business Administration, is an organization of retired business and professional executives well versed in all phases of manufacturing, finance, retail, etc. who are available for consultation at no charge.


Supplier Diversity Office (SDO)
The McCormack Building
One Ashburton Place, 13th Floor
Boston, MA 02108
Tel: 617-502-8831
Contact:  Reggie Nunnally, Director

The State Office of Minority and Women Owned Business Assistance (SOMWBA) and the Affirmative Market Program merged to become the Supplier Diversity Office (SDO). In addition to its service to minority and women business enterprises, SDO has the responsibility to certify businesses that meet certain criteria.  

SDO certification is a marketing tool used to enhance a firm's ability to do business in public markets. Although certification does not guarantee that a business will be successful every time it bids, it may add a competitive edge to a bid. The Commonwealth of Massachusetts spends more than $4 billion each year doing business with firms. More than $240 million of this amount is targeted to SDO certified minority and women businesses. Becoming SDO certified can help firms seeking contracts with the government. In addition, SDO also assists government agencies in meeting their affirmative purchasing and contracting goals. It does this by providing business development assistance to certified companies through information on procurement opportunities and business resources. Finally, SDO publishes a directory of certified minority and women business enterprises and certified minority and women-controlled, non-profit organizations. The directory is searchable online, and may also be downloaded.



Western MA Community Development Corporations (CDCs)

Franklin County Community Development Corporation
324 Wells Street
Greenfield, MA 01301
Tel: 413-774-7204

Contact: John Waite, Executive Director

Franklin County CDC works with local government and area businesses to sponsor community development, business assistance, and housing programs that expand opportunities for low and moderate income residents throughout the region. The CDC also administers a variety of business loan programs.


Hilltown Community Development Corporation
387 Main Road 
P.O. Box 17 
Chesterfield, MA 01012 
Tel: 413-296-4536
Contact: Dave Christopolis, Executive Director

The Hilltown CDC seeks to improve the economic self-sufficiency of the hilltowns by increasing local employment opportunities and providing support services for hilltown residents. Business support programs include individualized business consulting, entrepreneurial training, business plan development and loan packaging. Towns served are Ashfield, Chester, Chesterfield, Cummington, Goshen, Huntington, Middlefield, Plainfield, Westhampton, Williamsburg and Worthington.


Nueva Esperanza, Inc.
401 Main Street
Holyoke, MA 01040
Tel: 413-533-9442
Contact: Carlos Gonzalez, CEO/President

Nueva Esperanza sponsors community development, business assistance, and housing programs that expand opportunities for low and moderate-income residents in Holyoke. 


Pittsfield Economic Revitalization Corporation (PERC)
City Hall, Room 205, 70 Allen Street
Pittsfield, MA  01201
Tel: 413-499-9371
Contact: Ann W. Dobrowolski, Community Development Specialist

Business assistance includes administration of the following business assistance programs: CDBG Small Business Loan Program, Economic Development Loan Fund, CDBG Technical Assistance Grants and State Small Business Technical Assistance Grants.


Quaboag Valley Community Development Corporation & Business Assistance Corporation
23 West Main Street
Ware, MA 01082
Tel: 413-967-3001 
Contact: Susan S. Rutherford, Executive Director

The CDC works to provide a wide range of programs and services to enhance the economic climate of the Quaboag Valley region. Its objectives include loans to area businesses that are micro-entrepreneurs or intend to create jobs. The CDC also provides technical assistance and training to small businesses.


Valley Community Development Corporation
30 Market Street
Northampton, MA 01060
Tel: 413-586-5855

Contact: Joanne Campbell, Executive Director or Gene Talsky, Director, Small Business Development

The Valley CDC strives to improve the quality of life for all residents in its service area.



Local Banks 


For additional information, please visit the following links:

Checklist for First Business Advisory Session  |  Do You Have What It Takes to Succeed in Business?  |  Preventure Considerations  |  Develop a Personal Budget  |  Guidelines for a Business Plan  |  Business Plan/Financing Proposal  |  Financial Resources  |  Business Obligations  |  How to Convince a Banker  |  Marketing Plan Outline  |  Frequently Asked Questions  |  SBDC Request for Counseling