UniBank has launched a special savings account that will allow people to make sure their money is reinvested in Worcester.
The Invest Worcester Savings Account will allow anyone to open a savings account with Unibank, with those funds being used to make loans towards home ownership, community development and small business development in the city of Worcester.
The bank kicked off this new loan fund on Wednesday by committing to lend at least $5 million as part of the program, but the bank will use the special savings accounts to maintain funds for Invest Worcester.
“With the Invest Worcester Program, we are committed to ensuring at least $5 million in mortgages, small business loans, and community development financing is made in Worcester,” William M. Mahoney, UniBank’s president and CEO, said in a statement.
