BankFive is pleased to announce it has assisted a local resident to purchase The Ski House, a small business based in Somerset, Massachusetts, that sells ski equipment, clothing, and accessories, with the help of below market-rate financing through the Federal Home Loan Bank of Boston (FHLBank Boston) Jobs for New England program.
BankFive received a 0% loan through the Jobs for New England (JNE) program, known as an FHLBank Boston advance, to support a 10-year $150,000 loan fixed at a below-market rate for the first three years for the purchase of the business.
Somerset resident John Riley took over The Ski House, a business that his stepfather started 60 years ago, and ran it for that last 42 years before deciding to retire in 2022. The JNE funding helped Zachary Pavao, an employee at The Ski House for nine years, purchase the business this past fall so it could continue to grow.
“Helping small businesses in Massachusetts and Rhode Island grow and thrive is a key focus for BankFive. The Ski House has been a popular local ski shop for decades. We are proud that we were able to partner with FHLBank Boston to ensure that this iconic business received the funding they needed and to help with the economic development efforts in our community,” said Anne Tangen, President and CEO of BankFive.
BankFive is a community bank that was established in 1855 in Fall River, Massachusetts. Over the past few years, BankFive has extended its footprint beyond branches in Southeastern Massachusetts and Rhode Island with loan offices in Woburn, Wrentham, Cranston and Hyannis. BankFive provides affordable financial solutions and products and remain committed to investing in the communities they service with financial and volunteer support.
JNE was launched in 2016 by FHLBank Boston to support job growth and economic development and help expand businesses owned by women, minorities or veterans throughout New England. In that time, JNE funding has been provided to local banks and credit unions that are members of FHLBank Boston to assist a variety of businesses including retail shops, restaurants, breweries, landscaping businesses, and manufacturing facilities.
“FHLBank Boston’s Jobs for New England program was created to provide members like BankFive with the low-cost financing they need to offer below market-rate loans to local small businesses. Since the program was launched, participating financial institutions have tapped into the funding source to help generate and preserve thousands of jobs in their communities,” said Ken Willis, senior vice president, director of housing and community development at FHLBank Boston.