The Savings Bank Participating In Small Business Banking Partnership

The following is an announcement from The Savings Bank:

The Savings Bank has qualified and been selected to participate in the Small Business Banking Partnership recently announced by State Treasurer Steven Grossman.

This new initiative was created to promote small business loans with $100 million in the Commonwealth’s reserve funds invested into qualifying Massachusetts community banks with strong records of small business lending practices. Among the primary objectives of the partnership is to obtain competitive interest rates on the Commonwealth’s deposits while promoting small business growth in Massachusetts.

The Savings Bank has received $2 million in state deposits to make new loans to credit-worthy businesses to help expand and create new jobs in area communities.

According to Senior Vice President Lawrence D. Andrews, Senior Commercial Banking Officer at The Savings Bank, the partnership was created to provide capital support for small businesses through investing cash deposits under the control of the Treasurer. The initiative requires that all funds are insured or collateralized to ensure there is no risk to taxpayer money.

The Office of the State Treasurer is not involved in making any loan determinations and will not direct loan any funds. 

“This is a wonderful opportunity to stimulate small business growth,” Senior Vice President Andrews said. “The Savings Bank will have additional opportunities and resources to provide loans to qualified small businesses; small business owners will have greater access to funds to help them grow; and the Commonwealth will be lending its support to small businesses in all regions of the State.”

The Small Business Banking Partnership is one of the many commercial lending programs and opportunities embraced by The Savings Bank in recent years. In addition to his involvement in directing the Bank’s Commercial Banking Group, Senior Vice President Andrews was recently appointed by Governor Deval Patrick to the 12-member Board of Directors of the Massachusetts Growth Capital Corporation (MGCC.)

“We all know how vital small business is to our communities,” Bank President Brian McCoubrey said. “The Savings Bank welcomes any and all opportunities to help promote the growth of local businesses and is pleased that the Commonwealth has created this partnership.”

Information about the Small Business Banking Partnership with The Savings Bank can be obtained by contacting Larry Andrews ,Commercial Banking Group, by calling him directly at 781-224-3564 or at landrews@tsbawake24.com.