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Marlborough Savings Bank offers assistance through state program

By Bonnie Adams, Managing Editor

State Treasurer Steven Grossman (left) and Rick Lombardi, the owner of The Vin Bin (right) listen to Rick Bennett, the president and CEO of the Marlborough Savings Bank, at an event held to celebrate The Vin Bin's plan to open a new store in Hopkinton. (Photo/Bonnie Adams)

Marlborough – A local, family-owned business, The Vin Bin, will be opening a second store in Hopkinton late this month, thanks to a loan from the Marlborough Savings Bank (MSB) via an innovative state program.

MSB is one of 50 banks statewide participating in the state treasury department's Small Business Banking Partnership. In an event held at the Vin Bin Jan.10, State Treasurer Steven Grossman explained how the program works. The state deposits treasury cash reserve funds into local community banks, instead of large national or international financial institutions as has been done in the past. Those community banks then make a commitment to loan monies to small credit-worthy businesses, such as The Vin Bin, he said.

Rick Lombardi, the proprietor of the Vin Bin, thanked MSB for its assistance in providing financing for both stores. The Marlborough location currently has seven employees and the new Hopkinton location is anticipated to employ 10, he said.

Short URL: http://communityadvocate.com/?p=30286

Posted by on Jan 16 2013. Filed under Business, Byline Stories, Marlborough. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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