Grossman Tours Boston Restaurant Aided Through Loan Program
Slate Restaurant Received Start-up Capital Through Small Business Banking Partnership
Treasurer Grossman and Rep. Forry toured the Slate Bar & Grill highlighting a small business
in the Financial District funded through a Dorchester bank and owned by neighborhood contractors.
Treasurer Steven Grossman kicked off Small Business Week this morning by touring the recently opened Slate Bar & Grill in Boston’s Financial District, a recipient of a $500,000 line of credit from Meetinghouse Bank in Dorchester leveraged through the Treasury’s Small Business Banking Partnership.
“All across the Commonwealth we are seeing successful businesses like Slate put their entrepreneurial spirit to work through the Small Business Banking Partnership,” said Treasurer Grossman. “Small Business Week is a great opportunity to highlight the hard working men and women who have put their inspiration and perspiration into starting and maintaining a small business, while 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.
Slate Bar & Grill is owned and operated by brothers Brendan and Greg Feeney. Opened in March of this year, the new establishment joins Ledge Kitchen and Drinks in Dorchester Lower Mills as the Feeney’s second restaurant. Slate is open for breakfast, lunch and dinner and serves American comfort food with an international flair. As a result of its opening, 32 jobs have been added to the local economy.
“Brendan and I are continuously encouraged by the level of support we have received as small business owners in Boston,” said Greg Feeney. “The hands-on and open-door policy approach by our local political and community leaders has created an environment where opportunities for entrepreneurship and small business ownership are flourishing. We would like to thank Representative Forry, Senator DiDomenico, Treasurer Steven Grossman and Meetinghouse Bank President Anthony Paciulli for their continued support of small businesses in Boston.”
Meetinghouse Bank, headquartered in Dorchester Lower Mills, extended the line of credit to Slate to meet financial needs associated with the opening and ongoing operation of the new location. The bank, which prides itself on personal attention, community involvement and investments in local business enterprises, has been in business since 1914.
“As a Community Bank, small business owners are one of our primary customer bases, and to be able to meet their needs with the assistance of programs such as this is a win for all those involved from the state, to Meetinghouse Bank, and especially to our Small Business customers the Feeney’s and Slate,” said Anthony Paciulli, President of Meetinghouse Bank.
Treasurer Grossman will also be taking part in State House Small Business Week, a series of events hosted by State Representative Linda Dorcena Forry, a Dorchester native who has worked to promote the Small Business Banking Partnership in the Boston area. Meetinghouse’s participation in the Small Business Banking Partnership was generated in part through meetings and conversations between Treasurer Grossman and Meetinghouse president Tony Paciulli organized by Representative Forry, House Chair of the Joint Committee on Community Development and Small Business.
“I am thrilled to have worked with Treasurer Grossman and Tony Paciulli to ensure our state resources are taken out of offshore accounts and reinvested into our local communities.” said Representative Forry. “This is exactly the type of program we are working to highlight during State House Small Business Week. The celebration, which we hope will become an annual tradition, is a wonderful opportunity to highlight and reflect on the many important economic contributions of our state’s nearly 582,600 entrepreneurs and small businesses,”
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.