Lake Sunapee joins FHLBB jobs program
Lake Sunapee Bank has begun participating in the Federal Home Loan Bank of Boston’s Jobs for New England program, which allows banks to offer low interest loans to small businesses in an effort to stimulate their local economy.
“This program has created an opportunity to pass exceptionally low-interest funds along to our customers and has allowed us to find new ways to support small businesses in the areas we serve,” said Stephen Theroux, president and CEO of Lake Sunapee.
Through the program, the FHLBB offers members zero percent financing on funds to be used for small business loans that meet specific criteria. These loans must be used to create or preserve jobs, expand woman-owned, minority-owned or veteran-owned businesses or support the local economy in another measurable way. Because the interest rate on the advance is completely subsidized, participating banks are able to offer small business loans that qualify at much lower interest rates than would typically be available.
Theroux said Lake Sunapee has already helped two New Hampshire businesses.
One, the Skinny Pancake of Hanover, has created 30 jobs in the Upper Valley region, and the other, Firmly Rooted Landscaping in Weare, has both retained and created jobs in its region.