April 2 - Cambridge Savings Bank and Massachusetts Treasurer Steven Grossman recently toured Stone Projects in Woburn, to learn more about how a new loan through the Treasurer’s Small Business Banking Partnership will help the business grow. Stone Projects is a leading custom fabricator of natural stone and quartz surfaces for kitchen countertops, vanities, fireplaces and Jacuzzis. The company a will use the $335,000 loan to purchase new cutting and finishing equipment, which will increase productivity enough to hire four new employees.
“Cambridge Savings Bank is proud to be a part of Treasurer Grossman’s Small Business Banking Partnership,” said Wayne Patenaude, president and CEO of CSB. “As a community bank, we are only as strong as the communities we serve. Small business loans to companies like Stone Projects help keep Massachusetts families in business and produce jobs right here in the Commonwealth.”
The SBBP moves Treasury cash reserve funds typically held by large national and international financial institutions and deposits them in amounts of up to $10 million in Massachusetts banks. In exchange for the infusion of new deposits, the banks sign a Memorandum of Understanding signaling their intent to enhance their loan portfolios to small credit-worthy Massachusetts businesses.
“Job creation is one of my top priorities as Treasurer, and I’m delighted that our partnership with Cambridge Savings Bank is helping Stone Projects prosper and grow,” said Grossman. “Small businesses are the backbone of the Massachusetts economy, and companies like Stone Projects are contributing significantly to our emergence from the recession and a brighter future for the Commonwealth as a whole.”
Founded in 2005 by Brazilian immigrant Leo Chantre, Stone Projects has gained a reputation for high quality craftsmanship and attention to customer service. Delivering products to both commercial and residential applications, Stone Projects provides services in the New England area, with most if its activity in Massachusetts. With the new piece of equipment, the company anticipates growing its annual revenue of $1.5 million by $750,000 to $1 million.
“I applaud the State Treasurer’s Office and Cambridge Savings Bank for offering this program to small businesses in Massachusetts,” said Chantre. “The ability to identify companies with growth potential and a need for capital will make for a faster economic recovery for this Commonwealth and put more people back to work. This initiative gives me the opportunity as an entrepreneur to do what I do best - create jobs, and make our economy stronger and vibrant. Also, by purchasing American-made equipment, I am proud to be helping our manufacturing industry at the national level.”
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service financial institution with $2.3 billion in assets that is inspired by the communities it serves. One of the oldest and largest community banks in Massachusetts, CSB offers a full line of individual and business banking services and has 16 banking centers located in Cambridge, Acton, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton Centre, Newtonville and Watertown. For more information about Cambridge Savings Bank, go to: www.cambridgesavings.com.