Bank will loan to small businesses

LAKEVILLE — Salisbury Bank and Trust (SBT) has $16 million available for loans to small businesses.The bank announced Aug. 25 that it had sold $16 million worth of preferred stock to the U.S. Treasury under the Small Business Lending Fund program, a fund of $30 billion established by the Small Business Jobs Act of 2010.The idea behind the law is to encourage lending to small businesses by providing access to capital for community banks with assets under $10 billion. (In the world of finance, such a bank is considered “small.”)SBT President and CEO Rick Cantele said the bank is ready to get that money into local businesses. The bank is paying a dividend to the treasury at a rate of 1.55 percent, he said, “which gives us flexibility” on the cost of a loan to a business.He said a typical interest rate would be between 5 and 6 percent, depending on risk. “It could be less if the loan is short term.”Salisbury Bank has a variety of education and outreach efforts for potential borrowers, he continued, including online programs.Cantele said he anticipates the majority of the loans will be to existing businesses, whose owners have been reluctant to expand.To get started, the bank suggests creating “a business plan that makes sense, that shows the applicant’s done his homework, and understands the market for the product.”Applicants should provide “reasonable financial numbers” and income projections.“We look for some skin in the game by the borrower — a down payment, collateral, personal assets.”Cantele said he wouldn’t discourage applications for loans to start new businesses, but noted what he sees as uncertainty on the part of borrowers, especially in terms of their personal finances.“The national economy is making people think twice” about taking a risk.But the newly available capital could be a good fit for a business that is considering upgrades in equipment, or for seasonal businesses looking to establish a short-term line of credit.Cantele also noted that SBT has repurchased (for $8,816,000) all of the stock sold to the treasury in 2009 under the Capital Purchase Program, a part of the Troubled Asset Relief Program of the Emergency Economic Stabilization Act of 2008.The bottom line is the bank has money to lend to small businesses.“It’s a great opportunity,” Cantele said.To get started, visit the bank’s website (www.salisburybank.com) or call 860-435-9801.

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