New small business lending programs rolled out in Massachusetts

6/9/2011

Massachusetts State Treasurer Steven Grossman is optimistic that a new collaborative program, called the Small Business Partnership program, will help entrepreneurs in Massachusetts gain access to the funding they need to bolster their businesses.

The program takes some funds set aside for larger national banks and instead gives it to local community banks for the purpose of small business loans. Nearly 50 banks throughout the state are set to receive up to $250 million from the initiative this summer.

"We can help revitalize the small business economy and help create jobs by a judicious use of our state taxpayers' money. That seems to me to be a very important priority," Cape Cod Online quotes Grossman as saying in his address.

As the source notes, the Small Business Partnership Program was one of the initiatives that helped put him in office last year.

Small business lending is still one of the leading issues for many smaller companies, with Gallup economist Dennis Jacobe recently revealing that as many as 30 percent of entrepreneurs believe obtaining the credit they need is difficult.