from The Providence Journal
Massachusetts State Treasurer Steven Grossman this morning detailed entrepreneurial and taxpayer-oriented initiatives he has implemented in his first year in office at a speech before the Government Affairs Forum of the Greater Boston Chamber of Commerce. In his remarks, Grossman highlighted the job-creating benefits of the Small Business Banking Partnership, which makes individual deposits of up to $10 million into Massachusetts-based community banks including Walpole Co-operative Bank and Taunton’s Mechanic’s Co-operative. The reserve funds, otherwise held in large national or international financial institutions, are fully insured and are deposited with the understanding that the banks will increase loans to small credit-worthy Massachusetts businesses. As of December 31, 2011 Walpole’s Co-operative made 8 loans while Mechanic’s Co-operative made 53 loads according to informative provide by Grossman’s office.
Forty-three community banks across the Commonwealth have received money under the program, with nearly $217 million on deposit. These banks have made 892 separate loans totaling $132.8 million as of the latest reporting period at the end of last year, many of which are directly attributable to the Partnership.