Credit union discounts rates on business and home loans, raises commercial loan limits

MANCHESTER, NH – St. Mary’s Bank is giving Rimmon Heights homeowners and businesses new incentive to participate in the largest neighborhood revitalization project in the history of Manchester.

St. Mary’s Bank has just made significant changes to its $12 million loan program introduced in 2007 as part of the City of Manchester’s Rimmon Heights/West Side Revitalization Plan. The credit union has dropped the program’s already low commercial loan interest rate by one percent, to 4.99 percent, and raised the maximum loan amount available at the discounted rate from $100,000 to $250,000. For loans over $250,000, interest rate will be blended with “market rates.”

Homeowners are also being offered home equity and home improvement loans at discounted interest rates up to 1.25% off stated rates. Additionally, programs that encourage homeownership are also available through St. Mary’s Bank.

“St. Mary’s Bank remains committed to bringing about positive change on the West Side,” said Donald St. Germain, St. Mary’s Bank Executive Vice President and Director of Commercial Lending and Credit Administration.

“By offering below-market rates to residents and businesses in this area, we’re showing our unqualified support for this project. We hope affordable financing gives more people the opportunity to invest in the community where they live and work.”

Of the $12 million St. Mary’s program, $5.5 million is targeted toward commercial loans. Amoskeag Industries is providing $500,000 of that allocation specifically for capital equipment needs and commercial and investment real estate repair and refurbishment. The remaining $6.5 million is allocated for home improvement loans and home buyers.

In support of the neighborhood revitalization effort, St. Mary’s Bank has set up a dedicated resource center in the lobby of the McGregor Street branch where area residents and business owners can learn more about the complete project, progress to date, including before and after photographs, and loan package details. More information is also online at http://www.stmarysbank.com/about-st-marys-bank/rimmon_heights_initiative.asp

About the West Side/Rimmon Heights Revitalization Plan
The multi-million dollar West Side/Rimmon Heights Revitalization Plan focuses on the neighborhood that surrounds Kelley Street on Manchester’s West Side. The plan, drafted by the City and the Planning Commission, calls for improvements in six strategic categories: parks and green spaces, housing, business assistance, neighborhood identity and design, infrastructure, and security. Rimmon Heights is the first neighborhood selected as part of the City of Manchester’s goal to create healthy, vibrant neighborhoods throughout the City.