Small Business Banking Partnership
Bristol County Savings Bank is one of forty Massachusetts banks participating in the Small Business Banking Partnership created by the Massachusetts State Treasurer:
- We are part of a small group of 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 460 small business loans that meet the underwriting requirements outlined by the Small Business Banking Partnership, with committed original loan balances totaling $55,997,923 and with outstanding principal balances of $14,456,844 as of September 30, 2020.
We also participate in the Rhode Island Treasurer's 'BankLocal' program.
- Bristol County Savings Bank participated in the Rhode Island Treasurer’s (RIT) ‘BankLocal’ program, an initiative
designed to improve access to capital and spur economic growth and job creation in the state. The Treasurer’s office matches
up to $30 million in deposits for local banks and credit unions that made loans with Rhode Island small businesses.
For more information please contact your Bristol County Savings Bank lender.