Rockland Trust SEED Grant

February 8th, 2010 · No Comments

From left to right: Michael Savage, New Markets Tax Credit Coordinator, Rockland Trust; Maria Gooch-Smith, Executive Director, SEED Corp.; Gerard Nadeau, Executive Vice President, Commercial Banking, Rockland Trust

ROCKLAND TRUST DONATES $50,000 TO SEED

Rockland Trust Community Development III LLC announced today that it has donated $50,000 to the South Eastern Economic Development (SEED) Corporation, to provide business financial counseling and other services to lower income community businesses in southeastern Massachusetts and Rhode Island. As part of its $50 million New Markets Tax Credit award received in May 2009, Rockland Trust Community Development III LLC’s donation will enable SEED to continue to provide financial counseling targeted to lower income community businesses and residents through group and one-on-one financial counseling workshops and sessions.

The New Markets Tax Credit Program was enacted in December 2000 and is designed to foster job creation and stimulate economic growth in lower income communities across America. Rockland Trust was awarded a $50 million tax credit allocation in May 2009, and has received three such awards totaling $125 million to date.

“At Rockland Trust, we are committed to strengthening the communities in which we work and live”, stated Gerry Nadeau, Executive Vice President of Commercial Banking for Rockland Trust. “We are proud to support SEED in their efforts to help local businesses succeed and create new jobs in our communities.”

“We are grateful to Rockland Trust for their continued support,” stated SEED Executive Director Maria Gooch-Smith, “During this troubling economic climate, as other funding sources are drying up, Rockland Trust continues to make substantial investments to fund technical assistance for businesses, which helps create new businesses and jobs as well as assist existing businesses maintain jobs.”