Dime News

Dime Bank Announces Stimulus Program

News Release - December 10, 2009

Norwich, CT - Dime Bank introduces “small business stimulus program”. Jim Cronin, president of Dime, announced today that Dime has earmarked $10 million to help local small businesses and non-profits that might be in need of financing in these difficult times. Cronin said that the program is targeted toward credit worthy businesses and non-profits which, for example, are in need of funding for working capital, expansion, to upgrade or replace equipment or for those that would benefit by restructuring existing debt with more favorable terms.

Cronin stated that the general perception is that banks are not lending which is prolonging the recession and preventing a recovery from beginning. He said that is not necessarily correct, but the national press continues to say otherwise which has made many businesses reluctant to even approach a local bank. Cronin stated that most community banks have money to lend and are willing to do so. He commented, however, some larger institutions have curtailed lending by either reducing or eliminating business lines of credit as an example. Dime, on the other hand, has had a very active year in business lending with over $32 million already lent this year.

This program is designed to help those business and non-profits who have demonstrated a successful operation in the past but find themselves having difficulty obtaining the necessary financing to get them “over the hump” of this downturn. A prime example would be a local non-profit that is finding it difficult to meet ongoing operational expenses due to the slow down and uncertainty of State funding. Dime’s program might be just what the doctor ordered, Cronin said. Another clear benefit is that it will preserve and protect existing jobs as well as, hopefully, create new ones, Cronin stated.

He said, Dime will evaluate each situation on its merits and, if the business is credit worthy, attempt to structure financing under terms and conditions that are most suitable to the business. Cronin encouraged any local business or non-profit that is in need of financial assistance to call Dime and speak to a branch manager or commercial loan officer.

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About Dime Bank

With 11 locations throughout southeastern Connecticut and Westerly, Rhode Island, Dime Bank is a mutual, community oriented financial institution offering competitive products to meet the needs of consumers, businesses, non-profits and municipalities. The hallmark of the Dime is the personalized manner in which it serves customers and supports its communities. Dime Bank is committed to providing a positive work environment where employees are valued and respected.

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