State Loans Bank With Massive $5 Billion
5th May, 2011 - Posted by admin - No Comments
Chicopee Savings Bank receives a bank loan of $5 million in state reserve funds under the grounds of small-business lending initiative. It is the first time anyone has received such a huge loan, and so State Treasurer Steven Grossman decided to invest out of state and overseas. The state loans bank for two years and on a floating interest rate of around 0.27.
Chicopee Savings will start a small business lending program in coming few weeks said bank president William Wagner in a telephone interview.
He added, "Obviously you cannot lend a 15-year loan against a two-year deposit. We will plan to come up with something substantial." Chicopee Savings Bank makes many of its business loans in some of the neighboring cities like Holyoke and Springfield.
Posted on: May 5, 2011
Filed under: mortgage news
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