Deadline
Applications for new banking partnerships under the Invest MA Initiative (a.k.a. Investing For the Long-Term Initiative) are currently open. Banks interested in participating should review eligibility requirements and submit applications as soon as possible.
Who is eligible
Eligible banks must be approved by the Commonwealth and meet specific requirements, including adequate capitalization, a satisfactory Community Reinvestment Act (CRA) rating, and an agreement to use deposits to increase lending to small businesses.
Details
The Massachusetts Treasurer’s office has launched the Investing for the Long-Term Initiative (Invest MA), a statewide program aimed at promoting small business growth. Through this initiative, the Treasurer’s office will transfer up to $500 million in state cash deposits to participating banks that are committed to boosting small business lending.
The program prioritizes community-based, independent, family-owned, veteran-owned, entrepreneurial, and non-profit small businesses, which form a crucial foundation for the state’s economy. Massachusetts banks that participate will gain access to funds up to $15 million per institution to enhance their small business lending. The program aligns with the goals of supporting Massachusetts’s economic future and addressing credit challenges small businesses face due to recent market shifts.
Participating banks will be required to report on the impact of their lending and are expected to promote the program actively within their communities. Banks that excel in small business lending and meet Treasury criteria may have their participation and funding extended.
Links
For more information on program requirements and application details, please visit the Invest MA Initiative page.
