Massachusett Treasury Program Helps Small Businesses Obtain Loans

Massachusetts State Treasurer Steve Grossman says more than 3200 small business loans have been leveraged by  the money of state taxpayers he has deposited in community banks.

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Credit WAMC

Bellucci Salon and Day Spa owners Silver and Maria Serra with Massachusetts Treasurer Steven Grossman ( center), Chicopee Savings Bank Pres. Bill Wagner and Springfield Mayor Domenic Sarno

Fifty community banks are participating in the treasury’s Small Business Banking Partnership. The program, which Grossman launched almost two years ago deposits funds in amounts up to $10 million in local banks that agree to enhance their loan portfolios to credit worthy Massachusetts businesses.

Grossman said there is no risk to taxpayers because the deposits are protected either by insurance or with collateral.