Treasurer Grossman Tours Malden Business
Linden & Malden Cement Block Received Credit Line Through Small Business Program
Treasurer Steven Grossman today toured Linden & Malden Cement Block in Malden, a recipient of a $50,000 line of credit made by Century Bank that was leveraged through the Treasury’s Small Business Banking Partnership. The company, established in 1918 by the present owner’s grandfather, has been in operation for 95 years.
“As the former head of a fourth-generation family business, I appreciate the pride and optimism that can be generated when a family passes a business to the next generation, and I’m delighted that Century Bank’s participation in the Small Business Banking Partnership is assisting Linden & Malden Cement Block,” said Grossman. “The Partnership puts the reserve resources of the Treasury to their optimal use, protecting jobs and creating 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.
Linden & Malden Cement Block is a masonry supply company that sells brick, block, sand, stone, cement, paving brick, and retaining wall systems. The business is owned by John Rappoli, and it employs between four to ten people, depending on the season. The line of credit extended by Century Bank will help the business by providing the working capital and inventory it needs as it heads into the busier late spring and summer months.
“Through the Small Business Banking Program, I’ve partnered with the Sloane family of Century Bank and Century Vice President, Janice Taylor, to carry on the legacy of a business that was started by my grandfather almost one hundred years ago,” said Rappoli. "This operational capital will not only help me meet the demands of my customers who expect a high quality product, but it will also help create and sustain new jobs at my company.”
Headquartered in Medford, MA, Century Bank is New England’s largest family-run bank. Founded by Marshall M. Sloane in 1969, today Century operates 25 full-service branches in the Greater Boston area and offers an array of business, personal and institutional services. Century branches are located in Allston, Andover, Beverly, Boston, Braintree, Brookline, Burlington, Cambridge, Everett, Lynn, Malden, Medford, Newton, Peabody, Quincy, Salem, Somerville, Wellesley, Winchester and coming soon to Chestnut Hill Square. The bank’s website is www.CenturyBank.com.
“We are pleased to partner with Treasurer Grossman to help grow businesses throughout Massachusetts,” said Barry R. Sloane, Century Bank President and CEO. “For the next twelve months, Century will celebrate my father’s founding of the Bank 45 years ago and The Small Business Banking Partnership is a wonderful way to honor his mission by investing in our community and providing knowledge and resources to suit the needs of local businesses here.”
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.