Grossman Tours Boston Restaurant Aided Through Loan Program
Piperi Mediterranean Grill Received Start-up Funds Via Small Business Banking Partnership
Treasurer Steven Grossman today toured Piperi Mediterranean Grill in Boston’s Beacon Hill neighborhood, a recipient of a $431,000 loan made by East Cambridge Savings Bank that was leveraged through the Treasury’s Small Business Banking Partnership.
“All across the Commonwealth we are seeing successful businesses like Piperi 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.
Piperi, co-founded by Tim Oliveri and Thomas John, offers on-the-go diners fresh and healthy Mediterranean food choices that can be customized to an individual’s own taste. Serving as Executive Chef, Mr. John draws on his experiences growing up on a spice farm in southern India to infuse the food with the diverse flavors that have won the restaurant a strong and passionate following. Mr. Oliveri and Mr. John met when they were both executives at Au Bon Pain, and they quickly realized that they shared an entrepreneurial desire to create a new dining experience and concept uniquely its own. Piperi opened its doors for business in December of 2012 and now employs twelve people in addition to the co-founders.
“We at Piperi have a one-word mission statement – “care.” Care for our employees, our customers, our environment, and our society,” said Tim Oliveri. “We like doing business with those who share those values, and we are grateful to partner with East Cambridge Savings Bank to make this restaurant a reality. Without their care, we wouldn’t be able to expand our mission.”
East Cambridge Savings Bank, headquartered in Cambridge with seven other branches throughout that region, extended the loan to Piperi Mediterranean Grill to fund working capital, equipment, and start-up costs associated with the new location. The bank, which prides itself on exceptional personal service, community involvement and investments in local small business enterprises, has been in business since 1854.
"East Cambridge Savings Bank is committed to helping small locally based businesses secure critical financing,” said Gilda M. Nogueira, President and CEO of East Cambridge Savings Bank. “As a partner in the Treasury's Small Business Banking program, the Bank is able to help more businesses like Piperi Mediterranean Grill expand and flourish."
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.