Randolph Savings Bank, Town of Randolph Partner on $5 Million Small Business Initiative

March 26, 2014

Randolph Savings Bank is pleased to announce its partnership with the Town of Randolph in offering construction loans for local area businesses in an effort to rehabilitate and revitalize the community. The effort is part of an overall initiative to improve the business climate in Randolph. “Our partnership will not only benefit the businesses that participate but also the entire town,” said Town Manager Dave Murphy.

In what is being referred to as the “5-5-5” program, the Bank is offering up to $5 million in loans at a 5% interest rate with repayment terms of up to five years to Randolph businesses to use towards enhancements or improvements to the aesthetic appearance of their business which may include physical improvements to their interior or exterior of their location.

Said Randolph Savings Bank CEO, James McDonough, “Randolph has been our home for over 160 years. We’re invested in preserving the beauty and livelihood of the communities where we work and live. It’s exciting to partner with the town of Randolph and to support the vision and ensure the success of our local small businesses.”

“The entire look and feel of the town is changing for the good,” stated Dave Murphy. “With the help of Randolph Savings Bank, we will see continued progress toward the improvement of our town. We are very excited and grateful to have such a great partner.”