Business

Small Business Banking Partnership

Bristol County Savings Bank is one of forty-two Massachusetts banks participating in the Small Business Banking Partnership created by the Massachusetts State Treasury.

Moreover, Bristol County Savings Bank is one of only twenty-seven Massachusetts banks who have been approved under the expanded program, who have received funding at the $10 million level.

This program will redistribute state tax funds to insured, responsible community banks who will extend new loans to small businesses. Small businesses are central to business in the commonwealth as they represent a substantial 85% of business activity in the state. This initiative will not cost Massachusetts tax payers as it will simply reallocate previously paid tax funds from the treasury to local banks. In this way, tax funds can be used to speed economic recovery through new loans to small businesses which in turn will lead to new jobs and more money available to do business.

The program was started on July 13, 2011 and since that time Bristol County Savings Bank originated 406 small business loans that meet the underwriting requirements outlined by the Small Business Banking Partnership, with committed original loan balances totaling $47,010,764.10, and with outstanding principal balances of $19,249,350.69 as of September 30, 2017.

For more information please contact your Bristol County Savings Bank lender or Massachusetts Treasurer’s website at www.mass.gov

0