On May 5, 2011 Treasurer Steven Grossman formally launched the Small Business Banking Partnership, an initiative that invests state reserve funds into Massachusetts community banks with the understanding that the financial institutions will use the deposits to make new loans to small credit-worthy businesses.
The Small Business Banking Partnership is a new initiative that will shift at least $100 million in state deposits under the control of the Treasurer to qualifying Massachusetts banks to promote small business loans. The partnership aims to move money into smaller regional, community, and local banks that have been at the forefront of providing capital to creditworthy small businesses to help them expand and create new jobs.
The map below shows the locations of banks across the Commonwealth that have agreed to participate in the partnership. Keep in mind that each icon represents where the banks are headquartered and that there are several other branches across Massachusetts that will benefit from this program. This map will be updated periodically to showcase all of the banks that are taking advantage of this initiative.