Treasurer Launches 'Move Money' Plan
Small businesses in Gateway Cities like Worcester could benefit from an initiative announced Wednesday by State Treasurer Steve Grossman.
Grossman's "Move Money" program aims to shift state cash deposits under his control to local and community banks who agree to increase their small business lending. Grossman has said that he wants small business lending to increase in Gateway Cities, which are former manufacturing centers identified by the state in 2007 as targets for economic development.
Grossman noted in a press release Wednesday that small businesses account for 85 percent of businesses in the state.
A recent report from Commonwealth Magazine said that Grossman is seeking to move up to $100 million in shorter-term funds to banks who pledge to increase lending.
Grossman's office will craft more specific guidelines for the program following a public comment period that has now started and will last until Feb. 23.
The treasurer's office is responsible for daily cash flows totaling more than $43 billion annually, according to its website.
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