First County Bank is pleased to announce that Pacific House was selected to receive a grant as a result of the Bank’s involvement in a special program of the Federal Home Loan Bank of Boston. First County Bank accessed the Jobs For New England program of the Federal Home Loan Bank of Boston which promotes economic development in the community by providing special financing to its member banks to fund small business loans specifically to create or preserve jobs, expand woman, minority, or veteran-owned businesses, or to otherwise stimulate the economy in the New England communities.
First County Bank utilized the Jobs for New England program to fund the purchase of an office building and to renovate the building for a local dental practice. This resulted in increasing the building’s value, improving the surrounding neighborhood and increasing local employment by adding jobs to its growing dental practice. Because of the Bank’s first-time participation in this program, Federal Home Loan Bank of Boston made a grant available to a non-profit of the Bank’s choice through its Grants for New England Partnerships. First County Bank chose Pacific House, Inc., due to its innovative approach to developing housing for the homeless.
“It is exciting for First County Bank to participate in the Federal Home Loan Bank of Boston’s Jobs For New England program along with the honor to select Pacific House as a special grant recipient. This program improves our local economy in so many ways, “ said Sara Tucker, senior vice president and director of Business Banking at First County Bank. “It is amazing how one loan can grow a local business, increase the value of a neighborhood, expand employment and benefit a local nonprofit’s mission, making a strong economic impact in such a positive manner.”
Federal Home Loan Bank of Boston awarded $2,500 to Pacific House, Inc. on behalf of First County Bank. This grant augments the $10,000 grant given by First County Bank Foundation, Inc. to Pacific House, Inc. The Federal Home Loan Bank of Boston grant to Pacific House demonstrates the collaboration taking place in New England between financial service partners to benefit the community and focus on economic development.