GROSSMAN VISITS RAYNHAM COMPANY AIDED THROUGH LOAN PROGRAM
TNT Energy Received Loan Through Small Business Banking Partnership
Treasurer Grossman visits TNT Energy in Raynham.
Today Treasurer Steven Grossman visited TNT Energy of Raynham. TNT Energy is the recipient of a $150,000 loan made by Mechanics Cooperative Bank of Taunton, leveraged through the Treasury’s Small Business Banking Partnership.
“TNT Energy is the kind of business we are hoping to target and help expand through our Small Business Banking Partnership,” said Treasurer Steven Grossman. “It is a great privilege to support small businesses that are striving to grow in our innovation economy while offering new job opportunities.”
Treasurer Steven Grossman's Small Business Banking Partnership is an initiative that encourages Massachusetts community banks to make more loans to creditworthy small businesses, creating more jobs and economic opportunity throughout the state. Forty-eight community banks have agreed to participate in the program and have received $262,750,000 in deposits to date. The Partnership kicked off in May, 2011.
TNT Energy, a turnkey energy services company, was founded by Timothy Blanchard and Ted Carmone in 2002. TNT provides energy saving solutions for their customers by performing energy use audits and subsequently doing the necessary infrastructure improvements required to meet energy standards established by the federal government. Through their audits, they are able to help businesses throughout southeastern Massachusetts “go green.” In 2012, after 10 years of growth, they opened two more offices, one in Springfield, MA and one in Long Island, NY.
“Thanks to the Small Business Banking Partnership and our relationship with Mechanics Cooperative Bank, TNT Energy has been able to grow what was an entrepreneurial dream into a solid business with 10 employees, 3 offices and plans for continued expansion and growth in the energy conservation marketplace,” said Tim Blanchard, Partner, TNT Energy.
The loan leveraged through the Small Business Banking Partnership was used to support the working capital needs of the growing business. With this loan, they have generated 3 new full time and 2 new part time positions and they continue to grow their business by forging new partnerships with product manufacturers and distributors. “I am very pleased with the leadership and commitment that Mechanics Cooperative Bank has shown by awarding TNT Energy this loan under our program,” said Treasurer Steven Grossman.
With 8 locations throughout South Eastern Massachusetts, Mechanics Cooperative Bank provides a broad range of financial products to meet both individual and business banking needs. Founded in 1877, Mechanics presently has over $390,000,000 in assets.
“As a result of the bank’s relationship with the Massachusetts State Treasurer's Office and our participation in the Small Business Banking Partnership, Mechanics Cooperative Bank was able to fund a number of local small business loans in our market, including TNT Energy,” said Joe Baptista, President of Mechanics Cooperative Bank. “This fund helped TNT achieve their planned expansion and growth goals over the last year and is proof that these state programs are directly benefiting our business community. We are proud to work so closely with TNT Energy and the State Treasurer's Office and will continue to offer support and lending solutions to our local business customers.”
All deposits that the Treasury makes in these local community banks are protected through either insurance or collateral, and the interest rate on the money deposited is comparable to what the Commonwealth receives at out-of-state financial institutions.