Grossman Tours Chelsea Restaurant Aided Through Loan Program
Dockside Restaurant Received Start-up Capital Through Small Business Banking Partnership
Treasurer Grossman tours Dockside Restaurant in Chelsea.
Treasurer Steven Grossman today toured the recently opened Dockside Restaurant in Chelsea, a recipient of a $250,000 loan made by The Savings Bank of Wakefield leveraged through the Treasury’s Small Business Banking Partnership.
“All across the Commonwealth we are seeing successful businesses like the Dockside Chelsea put their entrepreneurial spirit to work through the Small Business Banking Partnership,” said Treasurer Grossman. “By directing additional deposits into Massachusetts community banks and encouraging them to lend to Massachusetts small businesses, the Partnership puts the reserve resources of the Treasury to their optimal use, creating jobs, opportunity, and prosperity throughout the Commonwealth.”
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 sign a Memorandum of Understanding (MOU) signaling their intent to enhance their loan portfolios to small credit-worthy Massachusetts businesses.
The Dockside Chelsea is owned and operated by the Urbaczewski family of Wakefield. Opened in November of 2011, the Chelsea location is one of four Dockside restaurants owned by the family, with two other locations in Malden and one in Wakefield. Jack Urbaczewski, with the help of his wife Patricia and daughter Lisa, has established numerous other restaurants throughout the greater Boston area throughout the years, many of which have been subsequently sold. As a result of the new Chelsea location partially financed through the loan, 40 jobs have been added to the local economy.
“We are extremely fortunate to have such a great working relationship with The Savings Bank,” said Jack Urbaczewski. “Opening a location in Chelsea is particularly special to me as unbelievably enough, I grew up about 50 feet from the spot where the front door of this restaurant, We look forward to giving back to the community and city that built me.”
The Savings Bank, headquartered in Wakefield with nine branches throughout the north-of-Boston region, extended the loan to the Dockside Chelsea to fund working capital, equipment, and start-up costs associated with the new location. The bank, which prides itself on community involvement and investments in local small business enterprises, has been in business since 1869.
“The Savings Bank is proud that we are a Massachusetts mutual bank that works with each commercial client to determine their specific needs,” said Larry Andrews, Senior Vice President and head of Commercial for TSB. “Our Commercial Officer, Ed Fitzgerald, established an excellent relationship with Jack, Lisa, and the other parties and met numerous times in the planning and implementation stages of what has turned out to be a beautiful new restaurant in a community that needs more new restaurants and new job opportunities.”
All deposits that the Treasury makes in these community banks are protected through either insurance or collateral, and the interest rate on the money is comparable to what the Commonwealth receives at out-of-state financial institutions.