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.
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.
