TAUNTON, MASSACHUSETTS: Mechanics Cooperative Bank Board of Directors and Executive Leadership Team are pleased to announce they have been awarded a $100,000 grant through the Jobs for New England Recovery Program by the Federal Home Loan Bank of Boston (FHLB) to be used in direct support of local small businesses impacted by COVID-19. The $100,000 in funds Mechanics Cooperative Bank dispersed to the local business community was used specifically for working capital purposes including payroll, required COVID-19 related expenditures, debt service, utilities and inventory.
Mechanics Cooperative Bank was one of the first financial institutions to receive these funds in direct support of their customers and the local community as access was awarded on a first-come first-serve basis. Mechanics Cooperative Bank supported several local businesses with these grants with amounts ranging from $5,000 to $30,000.
“We are thrilled to be a part of the Jobs for New England Recovery Program and I commend our Lending Team for their efforts to secure this money on the direct behalf of our customers and local community,” said President and CEO of Mechanics Cooperative Bank Joseph T. Baptista Jr. “This is what community banking should be – planning for the best interest of our business customers and taking advantage of all available resources to provide the best possible service. This exactly what the Let’s Keep it Local philosophy is all about.”
Through the Jobs for New England Recovery Grant Program, member businesses could access grants through Mechanics Cooperative Bank and other member banks ranging from $5,000 to $30,000 for small businesses or nonprofit organizations. Minority-owned or women-owned business enterprises were eligible for the maximum grant amount of $30,000 with funding reservations of up to $100,000 given on a first-come, first-served basis.
“As we worked with our small business customers through the first two rounds of the Payroll Protection Program, we now see this Jobs for New England Recovery Grant Program as a small extension of that,” said Senior Vice President and Senior Loan Officer Curtis McKinney. “Financial guidance and support are vital to our small business community and we are actively taking advantage of all available resources and options. We look forward to the continued collaboration with our customers through our economic recovery and supporting all of their future successes.”
The Grove Street Tavern, located at 53 Grove Street in Taunton, is one of Mechanics Cooperative Bank’s local business customers that had the opportunity to take advantage of these much-needed grant funds.
Tavern owner Brian Levesque commented “The $15,000 grant is extremely helpful and will be used to support employee payroll and social distancing construction that is required to keep our doors open. It could not come at a better time and is another example of the tremendous support Mechanics Cooperative Bank has provided through this pandemic. Mechanics was also there for me, and my business, and my family, during the recent economic shutdown with much needed support and guidance through the Payroll Protection Program (PPP) Loan process. Everything is in a state of flux, and I really rely on their expertise – I feel better knowing I can call the Team at Mechanics and get the help and guidance I need – they really do Keep it Local!”
The Grove Street Tavern is a classic American sports bar, with an extensive pub menu, specializing in pizza, steak tips, fish & chips and appetizers. It is owned and operated by Brian Levesque and Paul Martin, both life-long Taunton residents and graduates of Taunton High School. Since their doors opened in the spring of 2017, the Tavern has featured an exciting menu, live acoustic music and several TV’s to watch all major sporting events. Visit them on Facebook, their website ( www.grovestreettavern.com ) or by phone at (774) 501-2439.
Avila Textiles in Dighton, MA has also been working closely with Mechanics Cooperative Bank since the start of this pandemic through the PPP Loan process and now the Jobs for Recovery Grant Program. Avila Textiles is the recipient of a $20,000 grant through Mechanics Cooperative Bank that will support the ongoing manufacturing of PPE with the purchase of new machinery as well as the training and hiring of new employees.
Manuel Avila, founder and owner of Avila Textiles, Inc. said “The support and guidance we received from Mechanics Cooperative Bank through this pandemic has been nothing short of amazing. In addition to the PPP Loan support, the Jobs for Recovery Grant has provided the resources needed to keep our business going – and thriving! And since then, our relationship with Mechanics has expanded. We began as a small deposit customer but due to the overwhelming support from this great community bank, they have earned all our business – including my personal banking relationship as well! We could not be more grateful or say enough great things about Mechanics Cooperative Bank – thank you!”
Avila Textiles has been producing quality narrow woven fabrics since 1995. Their equipment and trained personnel have enabled Avila to produce over 3,000 different webbing constructions, meeting strict U.S. Government specifications and foreign customer requirements. Avila Textiles narrow woven webbing is used in applications for aerospace, parachute, back packs, tents, equipment for firefighters, industrial gear and all types of military applications. During the pandemic, their team has transitioned operations to produce narrow-elastics used in the production of face masks, face shields, protective gowns and various other forms of personal protective equipment (PPE). Avila Textiles is committed to the production of “Made in Massachusetts” products, and more importantly keeping manufacturing domestic and local. Located at 620 Spring Street, in Dighton, they can be reached via their web site at ( www.avilatextilesinc.com ), by phone at (508) 828-5882 or by email at ( email@example.com ).
About Mechanics Cooperative Bank
With total assets of $670 million, Mechanics Cooperative Bank offers a wide variety of personal and business deposit and loan products. As a Massachusetts co-operative bank, 100% of customers’ deposits are always fully insured. Established in 1877, Mechanics Cooperative Bank is Massachusetts’ second-oldest co-operative bank with nine conveniently located branches in Bridgewater, Taunton, North Dighton, Somerset, Swansea, Fall River, Westport and New Bedford. For more information, call 1-888-MECHANICS (632-4264) or visit Mechanics-Coop.com. Member FDIC. Member DIF. Equal Housing Lender.