Grossman Tours Fall River Business Aided Through Loan Program
Standard Pharmacy Received Loan Through Small Business Banking Partnership
Treasurer Steven Grossman today visited Standard Pharmacy at HealthFirst Family Care Center in Fall River, a recipient of a $388,000 term loan made by BayCoast Bank that was leveraged through the Treasury’s Small Business Banking Partnership. The pharmacy, which opened for business last year, has added two jobs to the local economy.
“All across the Commonwealth we are seeing successful businesses like Standard Pharmacy providing outstanding community service and putting 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.
Standard Pharmacy at HealthFirst opened in the summer of 2012, becoming the second of two pharmacies owned and operated by Tom Cory. The first location, opened on East Main Street in 1919, is the oldest independent pharmacy in Fall River. Cory has worked at Standard Pharmacy for over 25 years and assumed ownership of the business in 2006 upon the retirement of the prior owners.
BayCoast Bank is headquartered in Fall River and has 16 branches throughout southeastern Massachusetts and Rhode Island. BayCoast offers a wide range of financial services, including investment management, trust services, and insurance and brokerage services to consumers and businesses. The bank, which was chartered in 1851, prides itself on community involvement and investments in local small business enterprises.
“We are proud to participate in the Small Business Banking Partnership,” said Nicholas Christ, President and CEO of BayCoast Bank. “It allows us to further support our local community and serve small businesses like Standard Pharmacy that are essential to its prosperity. We applaud Treasurer Grossman’s leadership in this vital area of economic development.”
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.