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Bristol County Savings Bank Continues to Originate Loans Through the Small Business Banking Partnership

TAUNTON, MA, March 31, 2021– Bristol County Savings Bank is one of 40 Massachusetts banks participating in the Small Business Banking Partnership created by the Massachusetts State Treasury. This program is redistributing state tax funds to insured, responsible community banks that will extend new loans to small businesses.

Bristol County Savings Bank was originally approved for and received $5 million under the Small Business Banking Partnership in July 2011 and then received an additional $5 million in funds under the expanded program in March 2012.  The Bank is currently one of only 26 Massachusetts banks to have received the additional funding, up to the maximum of $10 million. The program was started on July 13, 2011 and since that time Bristol County Savings Bank has originated 470 small business loans that meet the underwriting requirements outlined by the Small Business Banking Partnership, with committed original loan balances totaling $57,280,173, and with outstanding principal balances of $12,902,617 as of March 31, 2021.

This initiative is not costing Massachusetts taxpayers as it simply reallocates previously paid tax funds from the treasury to local banks. In this way, tax funds are being used to speed economic recovery through new loans to small businesses which, in turn, will lead to new jobs and more money available to engage in business activity.