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Out of caution for the health and safety of our community, our offices will remain closed until further notice. SMOC staff are working remotely to continue to provide essential services.


What size loans does SMOC Financial Services offer?

We offer loans of up to $50,000 for qualified small businesses.

Am I eligible to apply for a loan?

If you have or are starting a business within 20 miles of our offices in Framingham and Worcester, we may be able to lend you money. If you are closer to another mission based lender, we recommend you reach out to them first. Please contact us to discuss your plans and see if we can be of assistance.

How can funds be used?

Our loans can be used for many business purposes. They cannot be used to purchase real estate, for purposes that undermine SMOC’s mission, to start or expand a multi-level marketing business, or for non-business purposes.

What is the interest rate?

Our interest rate is determined based on risk factors associated with the deal, but most of our loans carry a rate between 8% and 10%.

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.

How long does the process take?

Our loan committee meets most months to review loan applications, in most cases complete loan applications submitted by the 15th of a month will be reviewed the first week of the following month, and in most cases, loans approved can close and be funded within two weeks of approval. Our team can fill you in on the current schedule.

Are there any fees?

We charge a 3% loan closing fee. Counseling is available free of charge. We occasionally offer workshops with an associated cost, but can offer scholarships to these for qualified individuals.

I do not own a business but need other financial help. Can SMOC provide assistance?

SMOC has a number of programs that provide financial assistance. Here are programs that may be able to help you:

  • Fuel Assistance: 508.620.1230
  • Home Modification Loan Program: 508.620.2982 (MetroWest) or 508.202.5919 (South Shore)
  • Rental Assistance: 508.620.2335
  • Tax Preparation: 508.620.2690

More SMOC contacts can be found at SMOC Contact.