Grossman Tours Falmouth Restaurant Aided Through Loan Program
D.J.’s Wings Received Start-up Capital through the Small Business Banking Partnership
Treasurer Steven Grossman today toured the recently opened D.J.’s Famous Wings in Falmouth, a recipient of a $600,000 loan made by Bank of Cape Cod leveraged through the Treasury’s Small Business Banking Partnership. The new restaurant has added over 60 full and part-time jobs to the local economy.
“All across the Commonwealth we are seeing successful businesses like the D.J.’s Famous Wings 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.
D.J.’s Famous Wings is owned and operated by the husband and wife team of Dennis and Eithne Carlin. Opened in February of 2013 at the site of the former Hearth ‘n Kettle, the Falmouth location joins an existing D.J.’s restaurant in Hyannis which has been in operation since 2004. The original D.J.’s started in Hyannis as a modest eat-in/take-out and delivery operation in 1989, but the two locations now employ over 110 people combined.
"Thanks to Bank of Cape Cod, our dream of opening a second location has come to fruition,” said Eithne Carlin. “The Town of Falmouth was our choice for our second location because of our fan base for our family friendly sports‑themed restaurant and our award‑winning wings and great menu! It has been exciting, exhausting and extremely rewarding thus far, and we are looking forward to being a great local destination providing a great dining experience, good jobs, and being part of the local business community."
Bank of Cape Cod, headquartered in Hyannis with three branches on Cape Cod, extended the loan to D.J.’s Famous Wings to fund working capital and renovation of the new location. The bank, which prides itself on community involvement and investments in local small business enterprises, has been in business since 2006.
“Bank of Cape Cod is focused on supporting local businesses and helping grow our Cape Cod economy,” said Timothy Telman, president and CEO of Bank of Cape Cod. ”With assistance from the treasurer’s office in deploying state funds to community banks, it further allows us to work with local businesses like D.J.’s to expand and add more jobs to the local community, at the same time creating new jobs at Bank of Cape Cod. We are able to assist businesses like D.J.’s, a highly successful Hyannis operation, to expand its footprint to Falmouth. Everyone wins.”
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.