Financing Small Businesses in this economy

With the negative trends and public perception that banks are not lending, a bank in Norwich, Connecticut has initiated a stimulus program of it own to change that perception.  Dime Bank has created a $10 million loan pool to small businesses and social service agencies in their local economy.

As most banks have drastically reduced their credit to businesses, Dime Bank has realized that it has to do something to impact its local economy.

The loans are also being offered at a half percentage point lower. So why is Dime Bank taking this risk? To which the socially conscious bank responds, “Because that’s what community banking is all about”.

Kudos to Dime Bank for stepping up and making a difference in their lending practices. If more banks could follow its lead,  perhaps the economy would probably be in better shape.

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