Massachusetts Treasurer Steven Grossman is officially rolling out a new program to place at least $100 million of state money in community, regional and local banks that promise to increase lending to small businesses.
The Small Business Banking Partnership is open to more than 200 banks in Massachusetts. Banks can apply through a rolling process that will run at least through Sept. 1. Grossman’s office said it expects to start negotiating official agreements with participating banks by March 28.
The program is designed to distribute funds across all regions of the state, and no single bank will get more than $5 million in deposits.
