Lt. Gov. Healey Promotes Citizens Job Bank in Western Mass
In today's global marketplace, businesses face tremendous challenges and opportunities. To meet them, they need a local partner that can offer access to major markets and business-friendly programs and policies. That is why the Commonwealth of Massachusetts, through the Massachusetts Business Resource Team, and Citizens Bank, has teamed up to offer the Citizens Job Bank. The Citizens Job Bank offers loans of between $240,000 and $10 million at a rate of 3.5 percent, which is 2.75 percent below the prime rate, according to Robert E. Smyth, chairman, president and chief executive officer of Citizens Bank of Massachusetts. Companies that quality for one of the loans must create at least one job per $40,000 borrowed. "Access to capital is a barrier to growth," said Healey to a crowd of about 50 people gathered at the Springfield office of the Massachusetts Small Business Development Center Network. "We're hoping you will help spread the word about these funds," she said. So far, Citizens has closed on $8 million in loans expected to create more than 200 jobs, Healey said. Smyth said a couple of Western Massachusetts companies are expected to close on loans within the next month. The Citizens Job Bank is operated in partnership with the Massachusetts Office of Business and Technology. "We're really thrilled to see this, because so many companies are leaving the area," said Naomi Klayman, associate director of CareerPoint, the one-stop career center in Holyoke. Loretta F. Wynn, owner of three-year-old Wynn Image Makers, LLC, based in the Scibelli Enterprise Center at Springfield Technical Community College, asked Smyth to define "small business," because her company which offers a program in life skills to teens is a "tiny business." Smyth said the bank needs to look at a company's track record in handling loans, and said the Western Massachusetts Enterprise Fund often gives small loans to start-up companies. For further information and to begin the application process, visit www.mass.gov/citizensjobbank. Tuesday, July 26, 2005
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