GREENVILLE — Hoping to jump-start Piscataquis County’s economy, a small independent bank will announce this week the establishment of a $1 million loan fund for small businesses.
Border Trust Co., which is offering the loan fund at favorable market interest rates to qualifying small businesses in the county, will make a formal announcement of the new program Tuesday at the branch office in Greenville.
Robert Savery, Greenville branch manager, said Friday that the concept for the special loan program was developed by James P. Violette Jr., president and chief executive officer of Border Trust Co.
“We’re going to be as aggressive and flexible as possible” with the loan fund, said Savery. He declined to say what the interest rates will be.
Savery said the loan fund is designed for business expansions and start-up operations, and to improve business properties and real estate development, specifically in the tourism, outdoor recreation, timber and retail sectors. The funds will be lent first come, first served.
“It’s a great way for the bank to generate business and help kick-start the economy in Piscataquis County,” Savery said.
Piscataquis County’s business development director, Mark Scarano, was excited to learn about the loan fund. “I think that’s great. It gives county businesses access to the capital that many small businesses find difficult to obtain,” he said.
Scarano said he has met with people in the county who want to expand their businesses but have found it difficult to secure the necessary funding. “Certainly any special attention given to Piscataquis County businesses in their search for capital is welcome news,” he said.
The development director lauded the bank’s commitment to help generate employment and encourage private investment to improve the county’s dismal economic climate.
Border Trust Co. is an independent, locally owned, FDIC-insured community bank. It has branch offices in Jackman, South China, Albion and Augusta, as well as Greenville.