LowellBank Announces Participation in Lending Fund Created to Bridge Gap for Local Small Businesses
FOR IMMEDIATE RELEASE: June 6, 2011
CONTACT: Patricia Koczera
Senior Vice President, Retail Banking
(978) 322-7030
Lowell, MA – LowellBank announced that it is one of nine area banks participating in the Lowell Small Business Center Microloan Fund. “The mission of the fund is to help create, strengthen, and expand businesses owned by low and moderate income individuals, infusing capital into these small businesses and contributing to local economic recovery,” explains, Center Director Stacie Hargis. “This is a partnership between the Center, the banks and businesses who will benefit by a path to bankability,” Hargis continued. The program targets applicants who may not able to qualify for small business loans through traditional channels.
A challenge grant from the Parker Foundation was the catalyst for the Microloan Fund program. The nine participating area banks helped to contribute over $66,000 to the Microloan Fund. An additional grant from the Department of Health and Human Services (HSS) to develop the Lowell Initiative for Further Entrepreneurship (LIFE) program brings the total Microloan Fund amount to $166,000. The LIFE program will enhance the Microloan program by training participants in family child care, farming, and energy/construction related fields. LIFE program participants will also be able to take advantage of the Lowell Small Business Center’s entrepreneurial training and technical assistance. Upon completion of the LIFE program, individuals will have the opportunity to apply for a microloan to start their businesses. The Center anticipates making its first loan this fall.
“LowellBank’s mission is to support small businesses within our community and we are proud to participate in the Small Business Center’s Microloan Fund Program which will help entrepreneurs to fulfill their dreams of operating their own business“, said Richard E. Bolton, Jr., Chairman/President & CEO of LowellBank.
For information about the Lowell Small Business Assistance Center Microloan Fund Program visit www.lowellsmallbusiness.org or contact Stacie Hargis at (978) 322-8400 - shargis@comteam.org.
With assets in excess of $119 million, LowellBank has been serving the banking needs of the Greater Lowell Community since 1885. Two full service banking locations and Lending and Operations Center in Lowell, MA and 12 Omega Mortgage locations throughout Southern New Hampshire and Massachusetts offer customers full commercial, residential, and consumer products and services. All deposits are fully insured by the Federal Deposit Insurance Corporation (FDIC) and the Shareholder Insurance Fund (SIF).
Download PDF