When he was running for State Treasurer, Steve Grossman came up with an idea to deposit state funds into local community banks that would in turn loan this money to local businesses.
Well, it was a simple idea, but it has worked well.
Treasurer Grossman was in East Boston on Monday afternoon at the East Boston Savings Bank to deposit another $5 million into their account. This sum, when added to the other deposits in other banks, has brought the total to $302M that has been used to make capital available for local businesses to expand and employ more workers.
The East Boston Savings Bank has been a star in this program. Under the leadership of Bank President Richard Gavegnano, the bank has made loans to more than 70 local businesses that have enabled these businesses to invest not only in hard assets, but also in hiring more people.
Growing up in this area, we were always told that if you had a cold, try some chicken soup because it cannot hurt. This program is like the chicken soup — it has only helped local businesses.
Thank you, Treasurer Grossman.