Grossman Tours Woburn Business Aided Through Loan Program
Cambridge Savings Bank’s Partnership with Treasury Lays Groundwork for New Jobs
Treasurer Steven Grossman today toured Stone Projects in Woburn, a recipient of a $335,000 loan from Cambridge Savings Bank that was leveraged through the Treasury’s Small Business Banking Partnership. The loan, which is being used to purchase new stone cutting and finishing equipment, is expected to help add four new jobs to the company’s present workforce of eight, a 50 percent increase.
“Job creation is one of my top priorities as Treasurer, and I’m delighted that our partnership with Cambridge Savings Bank is helping Stone Projects prosper and grow,” said Grossman. “Small businesses are the backbone of the Massachusetts economy, and companies like Stone Projects are fueling our emergence from the recession and creating a brighter future for 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.
Stone Projects is a leading custom fabricator of natural stone and quartz surfaces for kitchen countertops, vanities, fireplaces and Jacuzzis. Founded in 2005 by Brazilian immigrant Leo Chantre, the company has gained a reputation for high quality craftsmanship and attention to customer service. Delivering products to both commercial and residential customers, Stone Projects provides services in the New England area, with most if its activity in Massachusetts. With the new piece of equipment, the company anticipates growing its annual revenue of $1.5 million by $750,000 to $1 million.
“I applaud the State Treasurer’s Office and Cambridge Savings Bank for offering this program to small businesses in Massachusetts,” said Chantre. “The ability to identify companies with growth potential and a need for capital will make for a faster economic recovery for this Commonwealth and put more people back to work. This initiative gives me the opportunity as an entrepreneur to do what I do best - create jobs, and make our economy stronger and vibrant. Also, by purchasing American-made equipment, I am proud to be helping our manufacturing industry at the national level.”
Cambridge Savings Bank is a full-service financial institution with $2.3 billion in assets. Founded in 1834, it is one of the oldest and largest community banks in Massachusetts. The bank prides itself on commitment to community, having established a charitable foundation to address social, educational and economic issues in its service area and focusing on lending to regional small businesses such as Stone Products. Cambridge Savings Bank has 16 full-service banking centers located in Cambridge, Acton, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton, and Watertown.
“Cambridge Savings Bank is proud to be a part of Treasurer Grossman’s Small Business Banking Partnership,” said Wayne Patenaude, President and CEO of Cambridge Savings Bank. “As a community bank, we are only as strong as the communities we serve. Small business loans to companies like Stone Projects help keep Massachusetts families in business and produce jobs right here in the Commonwealth.”
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.