ATHOL — As communities across Massachusetts struggle with COVID-19’s economic impact, the North Quabbin region is seeing unprecedented demand for food assistance. Local food pantries and homeless shelters are exhausting their resources to help the region’s most at-risk populations.
Athol Savings Bank, a North Quabbin based community bank since 1867, has pledged to make $1,000 donations to seven local food banks or organizations:Winchendon Community Action Council; Gardner Community Action Committee; Athol Salvation Army Corp; Ashburnham Community Church; Barre Food Pantry at the Congregational Church; Templeton Food Pantry in Baldwinville; and North Quabbin Food-A-Thon.
“A crisis like this can be devastating for many people and families in our community,” said Athol Savings Bank President and CEO Daniel Zona in a prepared statement. “As a financial institution with a mission rooted in community service and a solid foundation for growth, we feel a duty to help keep food on every table during these turbulent times. The overall health and well-being of fellow community members is something that we care deeply about.”
Athol Savings Bank has seven full-service offices located in the communities of Ashburnham, Athol, Baldwinville, Barre, Gardner and Winchendon.
In response to the COVID-19 pandemic, the North Central Massachusetts Chamber of Commerce and its economic development arm, the North Central Massachusetts Development Corporation (NCMDC), have launched the Economic Recovery Fund to provide loans to eligible small businesses that have been negatively impacted by the disruption.
The idea for this new fund came from several financial institutions in the region that approached the Chamber with this concept of a recovery fund supported by financial institutions and other prominent businesses in the region.
This new recovery fund will help supplement the North Central Massachusetts Development Corporation’s existing efforts to provide emergency support to local businesses. This fund will fill gaps in the existing framework of SBA and other loan resources and provide access to financing to vulnerable and underserved small businesses. Once the immediate crisis has passed, then the remaining funds will be used to support long-term efforts that will be needed to help the local economy recover.
Berkshire Bank, Fidelity Bank and Digital Federal Credit Union (DCU) were the founding sponsors of this fund and have each contributed $100,000 to help capitalize the recovery effort. In addition, the North Central Massachusetts Development Corporation contributed $100,000 of its own money to the new fund. Workers’ Credit Union and BankHometown have also signed on to support the initiative with contributions of $10,000 and $5,000, respectively.
“Small businesses are the backbones of our local cities and towns. DCU is honored to contribute to the NCMDC’s economic recovery fund and help put working capital in the hands of community business owners in need of our support during this unprecedented and challenging time,” said Paul Carey, DCU’s Vice President of Commercial Lending, in a prepared statement. “DCU is committed to helping impacted local businesses find their financial footing, so that they can continue to make a meaningful difference in the lives of their customers and communities.”
“We are inspired by the way the Chamber and other community organizations are helping our North Central Massachusetts neighbors in need get through this crisis.” says Fidelity Bank Chairman and CEO Edward F. Manzi, Jr. in a prepared statement. “During times like this it is more important than ever for Fidelity Bank to live up to our Caring LifeDesign promise and provide critical support to our community, clients, and colleagues.”