Fall River-based BankFive is receiving a $5 million deposit to begin lending to qualifying South Coast businesses as part of its participation in the state Treasury’s Small Business Banking Program.

The purpose of the program, which is aimed at promoting small business lending throughout the commonwealth, is to create jobs and revitalize low- to moderate-income tracts throughout the community, according to a statement. The program funding can be used for expansion, new construction, equipment, capital improvements and other business needs and can be in the form of business loans or mortgages. To qualify for the program, small businesses must have annual sales of less than $5 million per year and the loan amount must be under $500,000.

"We have been committed to supporting area businesses and individuals throughout the recent economic downturn, and this program gives us additional liquidity to help those efforts," said Paul S. Medeiros, senior vice president and senior lender at BankFive. "By being able to access these funds at such a historically low rate, local businesses can take on new projects, expand their businesses and invest in the future of their companies and the region."