Worcester Business Journal

18 Worcester Business Journal | November 2, 2026 | wbjournal.com cupancy side of things," he said. Roy M. Nascimento, president and CEO of the North Central Massachu- setts Chamber of Commerce, thinks it is too soon to know the full effect of the Fed's most recent rate increase. In an email, Nascimento said that when interest rates rise, banks tend to tighten lending standards, and the businesses most likely to be turned away are startups, owners with limited credit history, and those with less collateral. "at's exactly the gap we were created to fill," Nascimento noted, referring to the North Central Massa- chusetts Development Corporation (NCMDC), the Chamber's economic development arm. e corporation, certified by the SBA and U.S. Department of Trea- sury, provides loans up to $250,000 for real estate, working capital, equipment, inventory and expansion. It also works with banking partners to provide gap financing, "the final piece that gets a project done," he said. When interest rates rose in 2023 and 2024, the numbers on the Gardner Downtown Crossing project no longer worked. NCM- DC's $250,000 loan through the Regional Business Investment Fund helped complete the downtown redevelopment project. e fund supports real estate projects and covers so costs and other expenses banks typically won't finance, Nascimen- to said. In addition to 14 apartments, Gard- ner Downtown Crossing features a 5,000-square-foot restaurant. Also in Gardner, NCMDC assisted Butler Machine and Prototype with $70,000 for equipment, tooling and working capital for a custom machine shop. It also helped fund new startup businesses like Hansen Overhead Garage Door in Fitchburg for $25,000; e Vice café in Westminster for $30,000; and Empowered Boutique + Spa in Leominster for $35,000, a shared space where inde- pendent wellness professionals rent treatment rooms. In Athol, $195,313 was approved for a non- profit makerspace to build a shared- use commercial kitchen—a venture expected to create three full-time jobs and 20 to 30 part- time positions. Also in Athol, $150,000 in fund- ing helped a 20-year employee buy the century-old business where she worked — MacMannis Florist & Greenhouses — illustrating a trend Nascimento is seeing with ownership transitions. Escobar said most lenders and the SBA realize interest rates in the "2s and 3s" of the past are never coming back and were more of a "COVID thing." But she said that hasn't stopped businesses from moving forward. Although he expects interest rates to rise in the next few months, Staiti said he is not worried. "Despite all these economic pres- sures, the economy is holding up fairly well, particularly in Central Massachu- setts," he said. Due to the uncertainty, Nascimento said businesses should not try to time the market. "e real question is whether a proj- ect makes financial sense at today's rates and positions you to grow," he said. "If it does, waiting can mean missing opportunities, customers and talent." Although predictions are subjective, Kelleher said, he believes there will be another slight increase in interest rates before year's end as the Federal Bank attempts to control inflation and day- to-day costs. Kelleher thinks things will "settle out" eventually but he does not expect to see any substantial relief until the second quarter of 2027. F O C U S BANKING & FINANCE BUSINESS LEADERS HALL OF FAME AWARDS & BUSINESS LEADERS HALL OF FAME AWARDS & Winners will be profiled in the February 22, 2027 edition and will be honored at a special ceremony in late March. Know someone worthy of one of these awards? NOMINATE THEM TODAY! Nomination deadline: December 1, 2026 Further details and nomination form at www.wbjournal.com/businessleaders This special edition and event honors top business leaders in Central Massachusetts for their companies' successes and contributions to the community. Our Business Leaders of the Year will be recognized in the categories of small and large business, nonprofit, innovator and family business leader of the year. In addition, we'll induct another select group of Central Mass business leaders in our 11th annual Hall of Fame awards. CALL FOR NOMINATIONS! PRESENTING SPONSOR CORPORATE SPONSOR W continued from page 17 "Despite all these economic pressures, the economy is holding up fairly well, particularly in Central Massachusetts." Peter Staiti Rockland Trust

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