Lt. Gov. Healey Promotes Citizens
Job Bank in Western Mass
 SPRINGFIELD
- Lieutenant Governor Kerry Healey was in town to help tout a $100
million, low-cost loan fund set up by Citizens Bank of Massachusetts to
help foster job creation.
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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