TAUNTON – Bristol County Savings Bank recently presented a $10,000 grant to the South Eastern Economic Development Corp. for its 2023 Loan Loss Reserve Fund, the bank announced.
The grant went toward the organization’s SBA Micro Lending Program, which provides loans up to $50,000 to startups or small businesses whose owners are often unable to access capital at banks due to challenges with credit scores, time in business, insufficient collateral, or a weak financial position, according to a news release.
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The program has flexible underwriting criteria, repayment terms and below-market interest rates, the Taunton-based bank said.
As a regional nonprofit economic development corporation certified by the U.S. Small Business Administration, SEED Corp. focuses on job creation by financing all types of small businesses in Massachusetts and Rhode Island, according to the release. SEED also offers free business counseling, technical assistance and training programs to both entrepreneurs seeking to start a new small business and to established small businesses that have been turned down by their bank for traditional financing needs.
“The Bank continues to enjoy a strong partnership with SEED, its lenders and the SBA, all working together to create jobs and grow our regional economy even in the face of economic challenges,” John Silva, bank executive vice president and chief lending officer and a SEED board member, said in a statement. “We are proud to provide this grant which will help finance small businesses with SEED’s innovative loan products.”
