State Treasurer’s Office Renames and Enhances Small Business Banking Partnership
Invest MA will help revitalize the current program and expand opportunities
Boston- Today, State Treasurer Deborah B. Goldberg announced the launch of a newly renamed state program, Investing for the Long Term (Invest MA). Previously referred to as the Small Business Banking Partnership (SBBP), Invest MA will enhance the existing guidelines by promoting and strengthening small business growth throughout the state. This initiative shifts state cash deposits under the control of the Treasurer to Massachusetts banks that are willing to expand their small business lending.
Tightened credit markets, and Federal Reserve interest rate increases, represent additional difficulties for owners seeking loans. However, local and regional banks have continued to maintain or expand their loan portfolios, providing critical support for the Massachusetts economy. Invest MA will increase the previous total available funds for deposit to participating banks to $500 million, with an expansion to individual financial institutions, that meet criteria, of up to $15 million.
“By supporting the growth of small businesses, we not only positively impact their own development, but also our local communities and the state’s economy, in many positive ways,” said State Treasurer Deborah B. Goldberg. “Enhancing our current program ensures that more entrepreneurs have the necessary resources to start, grow, and build their businesses in Massachusetts.”
The Treasurer’s office is revitalizing and expanding opportunities upon its current scope. According to state data, small businesses and sole proprietorships make up 85% of companies in our Commonwealth. Supporting this specific sector through more robust banking opportunities will be extraordinarily helpful for the state’s economic future.
Today’s announcement builds on the progress Treasurer Goldberg has made in supporting our state’s small businesses. In November, the Treasurer’s office launched the Small Business Resource Toolkit, designed to provide a range of relevant, important information, often needed for the challenges that entrepreneurs will encounter. The website offers valuable educational materials on how to plan, maintain, and grow successfully.
The Treasurer’s office is now accepting applications for new banking partnerships for Invest MA.