Treasurer Steven Grossman yesterday toured Linden & Malden Cement Block in Malden, a recipient of a $50,000 line of credit made by Medford-based Century Bank that was leveraged through the Treasury’s Small Business Banking Partnership. 

The Small Business Banking Partnership moves Treasury cash reserve funds typically held by large national and international financial institutions and deposits them in amounts of up to $10 million in Massachusetts banks.  In exchange, the banks sign a Memorandum of Understanding (MOU) signaling their intent to enhance their loan portfolios to small credit-worthy Massachusetts businesses. 

Linden & Malden Cement Block is a masonry supply company that sells brick, block, sand, stone, cement, paving brick, and retaining wall systems. Owned by John Rappoli, the business was established by his grandfather in 1918.

"As the former head of a fourth-generation family business, I appreciate the pride and optimism that can be generated when a family passes a business to the next generation," Grossman said in a statement. "The partnership puts the reserve resources of the Treasury to their optimal use, protecting jobs and creating opportunity and prosperity throughout the Commonwealth."

The line of credit extended by Century Bank will help the business by providing the working capital and inventory it needs as it heads into the busier late spring and summer months.