Local Bank Joins State Small Business Loan Program
SPRINGFIELD, Mass. (WGGB) — Massachusetts Treasurer Steven Grossman visited Hampden Bank in Springfield Wednesday morning to announce that his department will add the bank to its Small Business Lending Program.
The program is designed to infuse regional banks with the capital needed to make loans to are businesses.
The treasurer says including Hampden Bank will help businesses in western Massachusetts expand and hire more workers.
“Hampden Bank is the 50th bank to join this program. We have now put $273 million into these 50 banks and the 50 banks have in turn made over 2,500 new loans with a value of several hundred million dollars,” Grossman adds.
Hampden Bank will receive $5 million from the state in order to increase its local loan portfolio.