Manchester, NH— July 6, 2011—St. Mary’s Bank announced today the launch of a pilot program to offer mini loans to start ups and small emerging companies that are finding it difficult to obtain more traditional bank financing.

Through the St. Mary’s Bank Small Business Community Outreach (SBCO) loan program, loans of up to $5,000 are available to individual small businesses on a limited basis. Applicants must be referred through St. Mary’s Bank’s non-profit partner for this endeavor, abi Innovation Hub, a local business incubator where businesses have access to infrastructure, resources, and connections. The program favors businesses with the potential to create new jobs.

“We see many new companies out there with excellent business models that just can’t secure the financing needed, even in small amounts, to grow,” said Michele Petersen, vice president of operations at abi Innovation Hub. “St. Mary’s Small Business Community Outreach Loan helps bridge that gap and keeps small business thriving in our city.”

“Small businesses help drive job growth in our area,” said Tom Champagne, St. Mary’s Bank Director of Community Outreach. “St. Mary’s SBCO program gives business owners the means to achieve their goals and create new jobs in the process. It’s one more way our outreach efforts support the community.”

Basics of the SBCO loan program include: 

• Individual loans of up to $5,000. 
• Term loan of 6-24 months. 
• Interest rates at or slightly above market rates to reflect risk.
• Loan requests must be submitted by and through abi Innovation Hub.

SBCO is part of St. Mary’s broader Community Outreach Programs, which like SBCO are delivered through partnerships with local non-profit partners. First introduced in 1996, St. Mary's has committed over $34 million to the community outreach programs.

About the abi Innovation Hub
As an independent not-for-profit, the abi is all about ideas, innovation and impact. Our mission is to create an environment where entrepreneurs have access to the resources, connections, experience, and capital to support the journey of putting ideas into action. Our residents come from diverse backgrounds and age groups and that is what makes our environment so unique. We are literally a hub for all things ‘startup.’ By fostering a clean, open, and vibrant workspace, where a spirit of open-source entrepreneurship is encouraged, residents are in the best position to grow, hire new people and reach their goals!