BankGloucester has been awarded a $5 million deposit in funds earmarked for commercial loans, as part of the state’s new Small Business Banking Partnership.

The bank recently hosted a meeting with Massachusetts State Treasurer Steven Grossman and bank executives to discuss the state of the local economy as well as State Treasurer Steven Grossman’s new Small Business Banking Partnership.

Launched in May, the Small Business Banking Partnership is an initiative that will shift a minimum of $100 million in state funds out of big national banks and into smaller regional, local and community banks. These financial institutions will use the deposits to make new loans to credit-worthy small businesses in an effort to help them expand and create new jobs in the commonwealth.

"At BankGloucester we work hard for the businesses in the community. We are pleased to have these funds available to lend to small businesses and are grateful for the opportunity to participate in the Treasurer’s Small Business Banking Partnership," said BankGloucester President and CEO Patrick Thorpe.