At a press conference conducted August 26th at Granite Ford in Rochester, NH, Representative Carol Shea-Porter commended the leaders of Federal Savings Bank for a recent loan made to Granite Ford of Rochester, NH using the loan enhancements provided by the U.S. Small Business Administration under the American Recovery and Reinvestment Act (ARRA). “This is exactly the type of loan we wanted to see take place, when we voted for the ARRA. It is a loan made by Federal Savings, a community bank, to a community based business. It provides the capital to help a business to remain strong amid the recession and more importantly for the seventeen people employed at Granite Ford to bring home a paycheck each week.”
Federal Savings Bank’s President & CEO, James J. O'Neill, Jr. said, “Federal Savings Bank is committed to investing in our local communities. Lending locally provides us with an opportunity to truly develop relationships with our customers, like Kevin Donovan and Granite Ford, and have a positive impact on the economic vitality of our region. We've enjoyed our partnership with the SBA and are proud to have assisted with the financing of many successful NH businesses."
Witmer Jones, District Director of the SBA’s New Hampshire Office added “It is important to get the word out that capital is available for small business owners throughout New Hampshire. With the help of the ARRA we are able to waive fees to borrowers while also boosting the percentage for loans guaranteed which encourages our New Hampshire banks to lend and they have been doing so at greater levels than for the same time periods of 2008. The fee savings alone for 360 SBA loans made in New Hampshire exceeds $1.1 million dollars.”
Senator Jeanne Shaheen, a member of the Small Business and Entrepreneurship Committee said, "New Hampshire's economy depends on small businesses, and the economic downturn and rising costs of health care have made it harder for business leaders to keep employees on their payrolls or expand their companies. It is essential that we provide the capital business owners need so that they can keep their doors open, hire more employees, and grow their businesses in the changing economic environment. This increased funding is an important step in the right direction but more still needs to be done."
New Hampshire’s Economic Stimulus Director, Bud Fitch added “The partnership between the SBA and the State of New Hampshire is a strong one and this loan to a local small business by a local community bank is an effective and good use of stimulus funds.”