Reading Cooperative Bank Announces Expanded Role with Small Business Banking Partnership
Reading Cooperative Bank is excited to announce expanded business lending, made possible by its renewed participation in the Small Business Banking Partnership program, offered through the State Treasury. The program shifts $100 million in state deposits to Massachusetts banks, which provides a source of funding for small business loans in the state.
Initiated in 2011, by Treasurer Steven Grossman, the program deposits money into community banks that are dedicated to increasing their volume of small business loans to credit-worthy customers. Since its participation in the program in July 2011, Reading Cooperative has financed over 60 businesses, with loans totaling more than $9 million.
“Two-thirds of this country is made up of small business. This program assists us in supporting our local businesses and the communities we serve,” said Senior Vice President & Chief Lending Officer, Gregory Ryan. “Through our involvement with the Small Business Partnership we will continue to expand our small business lending initiatives in the communities throughout eastern Massachusetts.”
Qualifying businesses must have total annual sales of less than $5 million, and be headquartered in the Commonwealth. These requirements maintain the integrity of the program and ensure that the loans contribute to the growth of small businesses in Massachusetts.
To see if your small business could benefit from this program please contact Gregory Ryan, NMLS# 402367, at 781-670-1555 or firstname.lastname@example.org.
Reading Cooperative Bank is a 21st-century community bank with a track record of progress dating back to 1886. The Bank was founded on the principle that profit and growth go hand-in-hand with responsible banking and service to the community – a philosophy that has put Reading Cooperative Bank on a long-term track for success. Banking Specialists can be reached by visiting one of the 8 RCB offices: Andover, Burlington, North Reading, Reading, Reading Memorial High School (available to RMHS students only), Wilmington (2) and Woburn. Or, you can visit online at www.Readingcoop.com.