Needham Bank Announces Participation in Massachusetts’ Small Business Banking Partnership
The Small Business Banking Partnership is an initiative that shifts over $300 million in state deposits under the control of the Treasurer to qualifying banks to promote small business loans.
“We’re very happy to be part of the Small Business Banking Partnership,” said Jack McGeorge, Chairman and Chief Executive Officer of Needham Bank. “At Needham Bank we believe in buying, shopping, and banking local. Economic growth stems from communities supporting their neighbor’s restaurants, shops, and farms.
“At the heart of that support,” continued McGeorge, “Is the community bank, which helps local businesses meet financing, expansion, and hiring needs. We’re proud that Treasurer Steve Grossman has recognized Needham Bank’s leadership in our communities, and has sought our participation in the Small Business Banking Partnership!”
“I’m delighted that Needham Bank has joined the Small Business Banking Partnership, a program that has already deposited $317 million in community banks across the Commonwealth,” said Treasurer Steven Grossman. “With the $5 million deposit that Treasury has made, Needham Bank will use its well-established community-oriented approach to make loans to creditworthy small businesses and advance the Partnership’s goal of growing the economy and creating jobs.”
The Partnership enables community, local, and regional banks to provide small businesses in the Commonwealth with the necessary capital to expand their businesses and spur economic growth and job creation.
About The Small Business Banking Partnership
The Small Business Banking Partnership moves Treasury cash reserve funds typically held by large national and international financial institutions and deposits them in amounts of up to $10 million in Massachusetts banks. In exchange for the infusion of new deposits, the banks agree to extend their loan portfolios to credit-worthy small businesses in Massachusetts. For more information, please visit http://www.mass.gov/treasury/finance-investments/small-business-banking-partnership-home/.
About Needham Bank
Needham Bank, headquartered at 1063 Great Plain Ave. in Needham, MA, is the quintessential community bank, serving Boston and its neighboring communities continuously since 1892. Needham Bank represents the evolution of community banking, bringing the latest financial products and technologies for our customers, while maintaining an unwavering commitment to the communities served. For more information please visit NeedhamBank.com or call 1-781-444-2100. Needham Bank is a member of FDIC and SIF.