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         South Middlesex Opportunity Council will improve equity, wellness and
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SMOC Financial Services

Home > Energy & Financial Assistance > SMOC Financial Services

Overview Impact Program Details featured Stories Eligibility & Locations
Contacts & Apply Related Programs


SMOC FINANCIAL SERVICES


SFS

SMOC Financial Services (SFS) was established in 2015 to provide microloans and
technical assistance to low- and moderate-income entrepreneurs in the MetroWest
and Worcester areas. We create partnerships with other local organizations to
develop a network of resources available to businesses in these often-overlooked
communities.


IMPACT

Over $426,000
loaned to date


PROGRAM DETAILS

Application Process


Our team is available to provide guidance through the loan application process.
Pre-assessments are conducted to determine client funding needs and short- and
long-term business goals. Assistance includes pre and post loan technical
assistance and ongoing support.

In order to process a loan application, we will need:

 * SFS Loan Application – Loan Application can be submitted by email or mail.
   $50 fee due with application. Checks should be made payable to: SMOC
   Financial Services
 * Personal Financial Statement for any individual that owns 20% or more of the
   company and any guarantors
 * A written Business Plan
 * Cash flow projections for the next 12 months of operations
 * Year-to-date profit & loss, current within 60 days (for existing businesses)
 * Three years of personal federal tax returns for any individual that owns 20%
   or more of the company and any guarantors
 * Three years of federal tax returns for the business, or all years available
   for younger businesses (this may be part of your federal tax return)

 

1:1 Technical Assistance


The SMOC Financial Services team provides one-on-one technical assistance (TA)
to help you start, stabilize, and grow your business. Our staff can help with
business planning basics, financial forecasting, competitive analysis, and
general business guidance. We are also committed to connecting with our
borrowers on a regular basis to check in on how the business is going and if we
or any of our partner organizations can be of further assistance. Our TA is
provided free of charge.

FAQ


What size loans does SMOC Financial Services offer?

We offer loans of up to $50,000 with competitive interest rates and terms for
qualified small businesses.

How can funds be used?

Our loans can be used for many business purposes such as general working capital
needs, upgrading machinery, and inventory purchases.  They cannot be used to
purchase real estate, to start or expand a multi-level marketing business, or
for non-business purposes.

How long do I have to repay the loan?

We offer terms of up to five years. We will discuss payment options with you as
we underwrite your loan and work to find a payment plan that works for your
business.

Are there any fees?

We charge a 3% loan closing fee. Technical Assistance is available free of
charge.


FEATURED STORY


SMOKESTACK ROASTERS’ STORY

Learn More


ELIGIBILITY

Eligible loans are for businesses in our service area. Please contact us to
discuss your plans and see if we can be of assistance.




CONTACT DETAILS

How to apply: By appointment only

345 Union Ave
Framingham, MA 01702

Direct Contact: 508-620-2349, kyau@smoc.org

Response Time: 1-2 business days


ABOUT



Mission & History

Board Meetings

Leadership

Diversity, Equity, and Inclusion

Annual Reports & Documents

Stories




PROGRAMS



Early Education

Energy & Financial Assistance

Family Services

Regional Services

SMOC Behavioral Health

South Middlesex Non-Profit Housing Corporation




SUPPORT US



Donate Online

More Ways to Give

Our Impact

Success Stories




CONNECT



© 2024 SMOC: South Middlesex Opportunity Council. Website Design By Tomo360.
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 * About
   * About Us
     * Mission & History
     * Board Meetings
     * Leadership
     * Diversity, Equity, and Inclusion
     * Annual Reports & Documents
     * Stories
     * Back
   * Back
 * Services
   * Services by Region
     * MetroWest
     * Central Mass
     * Lowell
     * Western Mass
     * Back
   * Services by Type
     * Early Education
     * Energy & Financial Assistance
     * Family Services
     * Regional Services
     * SMOC Behavioral Healthcare
     * South Middlesex Non-Profit Housing Corporation
     * Back
   * Back
 * News & Events
 * Careers
 * Support Us
   * Support Us
     * Donate Online
     * More Ways to Give
     * Our Impact
     * Success Stories
     * Back
   * Back
 * Contact

Find Services Donate


CONNECT WITH US


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