FALL RIVER – Five Massachusetts banks with a presence near the Rhode Island border are among 13 participating in Massachusetts’ Small Business Banking Partnership.
The initiative will shift $100 million in state deposits under the general treasurer’s control to those five banks in order to promote small-business loans.
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Fall River-based Bank Five and Citizens-Union Savings Bank, as well as Taunton-based Mechanics Cooperative Bank, Bristol County Savings Bank, and Rockland, Mass.-based Rockland Trust Co. will participate.
“Small businesses and sole proprietorships are the foundation of the Massachusetts economy and make up 85 percent of businesses in our commonwealth,” Mechanics Cooperative said in a statement.
“We are proud to be one of the very first institutions in Massachusetts to take advantage of these state funds. It highlights our commitment to the local business community and our continuing efforts to provide affordable lending opportunities for our customers.”
The initiative aims to move money into smaller regional, community, and local banks that have been at the forefront of providing capital to creditworthy small businesses to help them expand and create new jobs.
