Grossman Tours Marlborough Business Aided Through Loan Program
The Vin Bin Expands With Help From The Small Business Banking Partnership
(Photo courtesy of Marlborough Patch)
From left to right: State Treasurer Steven Grossman, The Vin Bin Owner, Rick Lombardi and Rick Bennett, President and CEO of Marlborough Savings Bank.
State Treasurer Steven Grossman took part in a tour of The Vin Bin in Marlborough today. The Vin Bin is the recipient of a loan made by the Marlborough Savings Bank leveraged through the Treasury’s Small Business Banking Partnership. The financing helped to create 7 jobs in Marlborough and will facilitate the opening of a new Vin Bin location which will create 10 or more jobs in Hopkinton.
“The Vin Bin is the kind of place we are hoping to target with our Small Business Banking Partnership,” said Treasurer Grossman. “All across the Commonwealth we are seeing small businesses like The Vin Bin put people to work while growing their organizations through this program.”
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 community 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. Treasury has deposited $293 million in 50 community banks statewide, which has helped leverage over 3200 small business loans totaling $477 million.
The Vin Bin, a purveyor of fine wine, artisan cheese, specialty foods, craft beer and spirits opened its doors in 2004. The store concept was created by Rick and Julie Lombardi, two longtime Marlborough residents. The Lombardis have four children, Alana (28), Joseph (26), Mike (25), and Christina (22), who have all, at one time or another, worked at the Vin Bin. Mike now runs The Vin Bin Café, having worked previously as a chef for the owners of the Boston Red Sox at Fenway Park and most recently cooking at Oleana Restaurant and Trade Restaurant in Boston.
The Vin Bin is housed in the 100-year-old former Central Fire Station. The old fire station sat dormant for more than 15 years. When The Vin Bin took over the space in 2011 it brightened the downtown by adding lights and activity to an integral part of the city. In 2012 The Vin Bin was awarded the Marlborough Pride Award which is given to a business or individual that shows dedication and investment in the city’s history and lifestyle.
"The Vin Bin had two great growth opportunities in the past year -- but neither could be realized without the faith and backing of the Marlborough Savings Bank,” said Rick Lombardi, owner of The Vin Bin. “Their investment in us meant the creation of new jobs and vitality in downtown Marlborough, and now, as many as 10 new jobs in Hopkinton. We are grateful for their support and belief in the Vin Bin and we are fortunate to have them as our local bank."
The lender, Marlborough Savings Bank, is an independent community bank with roots in the community since 1860 and has 6 locations in the Metrowest region. They played a major role in the recent expansion of The Vin Bin and as a result of a second round of financing, The Vin Bin will add a new location in Hopkinton, resulting in 10 new jobs.
“We’re committed to our communities with local decision-makers who are invested in the well-being of the communities we serve,” said Rick Bennett, President and CEO of Marlborough Savings Bank. “Our participation in the Small Business Banking Partnership through the Massachusetts State Treasurer’s Office is a great example of how much more can be done when local and state level partnerships are formed to stimulate the economy by strengthening local businesses. It’s a win-win for all.”
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 is comparable to what the Commonwealth receives at out-of-state financial institutions.