Small Business and Local Banks Connect

For Immediate Release

Nov. 23, 2009

Rep. Cory Atkins Urges Local Business Owners and Local Bank Presidents to Meet Regarding Lines of Credit

Representative Cory Atkins (D-Concord) is pleased to announce that local businesses in the Fourteenth Middlesex District that have had their lines of credit rescinded by large national banks such as Bank of America may be eligible for a line of credit from local banks.

“It is extremely troubling and unfortunate that many of the large national banks who were recipients of TARP (Troubled Asset Relief Program) are refusing to renew or are rescinding lines of credit to small business. Even businesses that are growing and have consistently made on-time payments on existing loans have been told they are too great of a credit risk,” said Atkins. “Fortunately we have local banks that are able and willing to help local business owners apply for loans.” Community banks such as Middlesex Savings Bank and Enterprise Bank and Trust did not suffer heavy losses during the financial meltdown and were not recipients of federal bailout money.

Atkins encourages local businesses owners whose line of credit has been rescinded to contact her office at 617-722-2692 or email Rep.CoryAtkins@hou.state.ma.us.