Marlborough Savings Bank offers assistance through state program
By Bonnie Adams, Managing Editor
Marlborough – A local, family-owned business, The Vin Bin, will be opening a second store in Hopkinton late this month, thanks to a loan from the Marlborough Savings Bank (MSB) via an innovative state program.
MSB is one of 50 banks statewide participating in the state treasury department’s Small Business Banking Partnership. In an event held at the Vin Bin Jan.10, State Treasurer Steven Grossman explained how the program works. The state deposits treasury cash reserve funds into local community banks, instead of large national or international financial institutions as has been done in the past. Those community banks then make a commitment to loan monies to small credit-worthy businesses, such as The Vin Bin, he said.
Rick Lombardi, the proprietor of the Vin Bin, thanked MSB for its assistance in providing financing for both stores. The Marlborough location currently has seven employees and the new Hopkinton location is anticipated to employ 10, he said.
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