On the Job
Bank wins SBA award
Florence Savings Bank has received the 2013 Western Massachusetts SBA 504 Lender of the Year by Dollars Award from the Small Business Administration. The 504 Loan Program is designed to help start-up and existing businesses in a wide range of activities, including working capital and purchasing, renovating or constructing real estate.
“We are very proud to have won this award,” said Joseph G. Traczynski, senior lending executive and senior vice president of the bank. “Our bank is committed to helping local business get access to the resources they need to grow and compete and the SBA loan programs allow us to expand our lending to more businesses and help create jobs for our area.”
“I was very impressed by the speed at which Florence Savings Bank and the SBA were able to close on this loan,” said Mansur Ghalibaf, managing partner of the Hotel Northampton, who got an SBA loan through Florence Savings Bank for his newest venture, a four-story, 108-room Fairfield Inn & Suites on Conz Street in Northampton.
“We were concerned about getting the loan in time to make a construction window. Thanks to Florence Savings Bank, we are on schedule. They treated us as though we were their only customer!”
Massachusetts small business owners received 1,869 loans supporting $605 million from the U.S. Small Business Administration in fiscal year 2013.