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.
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.
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.