Grossman Tours Beverly Business Air-Tight Weatherization
Air-Tight Weatherization Received Capital Through Small Business Banking Partnership
Treasurer Steven Grossman today toured Air-Tight Weatherization in Beverly, a recipient of a series of loans made by Beverly Cooperative Bank leveraged through the Treasury’s Small Business Banking Partnership. Multiple loans, totaling $26,000 since early 2012 when Beverly Cooperative joined the Partnership, helped Air-Tight purchase additional trucks and machinery and have led to the creation of five new jobs.
“All across the Commonwealth we are seeing successful businesses like Air-Tight Weatherization 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.
Air-Tight Weatherization was started in 2009 by Jim Fortin and Jeremy Fitzgerald, two entrepreneurs with solid backgrounds in home weatherization and construction. A Mass-Save approved contractor, the company has quickly built a reputation for quality service and has been retained by Moynihan Lumber in Beverly as its exclusive window and door installation contractor.
“When we were starting out, my former bank didn’t seem all that interested. I had heard about Beverly Cooperative Bank’s reputation of working with small businesses, and figured it couldn’t hurt to talk with them,” said Fortin. “From my first meeting with Mike Wheeler – here in my office – I knew that this was the right fit for Air-tight Weatherization,” he added.
Beverly Cooperative Bank has been in business since 1888. It has four branches, with three in Beverly and one in Salem. The bank, which offers a full range of banking and financial services, prides itself on community involvement and investments in local businesses.
“No two businesses are the same, said Beverly Cooperative Bank President & CEO Michael R. Wheeler. “That’s why we take the time to talk with small business owners like Jim and Jeremy to find out what their goals are to help determine the right products and services that will benefit their business and in turn, the community as a whole.” added Wheeler.
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.