MA Public Banking for Small Business

Fostering Main Street Stabilty & Local Growth

Get Involved

Public Banking: A Big Boost for Small Business

Nearly 1.5 million people—almost half of all workers—are employed by small businesses in Massachusetts. But small businesses are not just economically important. A diversity of service, manufacturing, construction, design, and agricultural businesses, not to mention non-profits and arts organizations, creates a stronger community. Local small businesses are more likely to support local institutions, from concerts at the town bandstand or local park to Little League teams. A thriving Main Street creates a sense of place and civic pride, and everyone benefits from access to services and jobs.

The Covid-19 pandemic has been a disaster for many small businesses. Those unable to pivot to a low-customer-contact model or allow employees to work from home have been especially hard hit. Federal relief programs have channeled aid through private banks which service their clients first, leaving “unbanked” or “underbanked” businesses out in the cold. We are now looking at a wave of bankruptcies and closures, falling hardest on low-income and/or minority communities, including an estimated 46% of Black-owned enterprises.

In the wake of the pandemic, a Massachusetts public bank can help small and medium enterprises re-establish themselves and thrive. The public bank makes loans to these businesses in participation with Massachusetts banks and credit unions, building on their knowledge of local economic needs. Program related loans to community development financial institutions or other non-profits can build entrepreneurship, help new businesses open, or even convert existing businesses to employee-ownership.

Interested in learning more? We welcome the chance to speak to small business owners, downtown business associations, chambers of commerce, or other leadership organizations. Contact us with questions or to start a conversation about how a Massachusetts public bank can help our small businesses succeed. 

Public Banking: A Big Boost for Small Business

Nearly 1.5 million people—almost half of all workers—are employed by small businesses in Massachusetts. But small businesses are not just economically important. A diversity of service, manufacturing, construction, design, and agricultural businesses, not to mention non-profits and arts organizations, creates a stronger community. Local small businesses are more likely to support local institutions, from concerts at the town bandstand or local park to Little League teams. A thriving Main Street creates a sense of place and civic pride, and everyone benefits from access to services and jobs.

The Covid-19 pandemic has been a disaster for many small businesses. Those unable to pivot to a low-customer-contact model or allow employees to work from home have been especially hard hit. Federal relief programs have channeled aid through private banks which service their clients first, leaving “unbanked” or “underbanked” businesses out in the cold. We are now looking at a wave of bankruptcies and closures, falling hardest on low-income and/or minority communities, including an estimated 46% of Black-owned enterprises.

In the wake of the pandemic, a Massachusetts public bank can help small and medium enterprises re-establish themselves and thrive. The public bank makes loans to these businesses in participation with Massachusetts banks and credit unions, building on their knowledge of local economic needs. Program related loans to community development financial institutions or other non-profits can build entrepreneurship, help new businesses open, or even convert existing businesses to employee-ownership.

Interested in learning more? We welcome the chance to speak to small business owners, downtown business associations, chambers of commerce, or other leadership organizations. Contact us with questions or to start a conversation about how a Massachusetts public bank can help our small businesses succeed. 

Join the Movement!

Your Involvement is Essential
Get InvolvedDonate