Bristol County Savings Bank, headquartered in Taunton, Massachusetts, presented a $10,000 grant to the South Eastern Economic Development (SEED) Corporation for its loan reserve fund at a ceremony held recently at SEED’s office also in Taunton. Specifically, the grant went toward SEED’s SBA Micro Loan Program which provides gap loans up to $50,000 to small businesses whose owners and 50 percent of its employees meet the Low to Moderate Income Criteria. The loans are made for startups and new and existing small businesses who cannot meet traditional bank credit criteria.
As a regional nonprofit economic development corporation certified by the U.S. Small Business Administration, SEED Corporation focuses on job creation by financing all types of small businesses in Massachusetts and Rhode Island. Each year, SEED makes an average of 120 loans and provides technical assistance to over 1,500 existing and prospective entrepreneurs.
“The Bank continues to enjoy a strong partnership with SEED, its lenders and the SBA, all working together to create jobs and grow our regional economy during these uncertain times,” said John Silva, Executive Vice President & Chief Lending Officer, Bristol County Savings Bank. “We are thrilled to provide this grant which will help finance small businesses with SEED’s innovative loan products.”
Bristol County Savings Bank Background Information:
Bristol County Savings Bank, a state-chartered savings bank and the wholly-owned subsidiary of Beacon Bancorp, is a full-service banking institution with approximately $2.3 billion in assets as of October 31, 2019. Founded in 1846, Bristol County Savings Bank has expanded its branch network to include 16 full-service offices in Attleboro, Dartmouth, East Freetown, Fall River, Franklin, New Bedford, North Attleboro, Raynham, Rehoboth and Taunton, Massachusetts, and Pawtucket, Rhode Island as well as a Loan center in Warwick, Rhode Island. The Bank also operates limited service educational branches at Taunton and Attleboro High Schools. In addition to traditional banking services, Bristol County Savings Bank offers wealth management services through its affiliate Bristol Wealth Group, as well as insurance services through its affiliate FBinsure, one of the region’s largest property and casualty insurance agencies. The Main Office and Corporate Headquarters of Bristol County Savings Bank are located on Broadway in Taunton, Massachusetts. For more information on Bristol County Savings Bank, visit www.bristolcountysavings.com.