The $15 million will be made available to qualifying businesses and residents of the EEZ via preferential rates and terms for Small Business Loans, Commercial Loans, Home Equity Loans and Historic Home Loans.
Alan R. Thompson, Butterfield’s President & CEO explained it was part of Butterfield’s Mission Statement to be recognised as making a valuable contribution to the communities in which we operate.
“For Butterfield, it remains as important as ever to maintain our focus on helping to build a healthy, well educated and inclusive community,” Mr. Thompson said. “Today’s announcement follows a commitment of $2.5 million by Butterfield in April 2007 for lending to qualifying small construction contractors. This latest initiative is designed to assist entrepreneurs in North Hamilton and we are pleased to announce this new package of incentives and preferential borrowing rates.”
“While our Commercial Loans seek to inject capital directly into North Hamilton’s fledging industries, our Home Loans seek to revitalise and conserve buildings in the area. Butterfield is proud to be playing a part in the revitalisation of North Hamilton, while at the same time helping to protect some of the unique, historical character of the area for the future,” Mr. Thompson said.
He added that Butterfield was very excited to be working with the Bermuda Government, the Bermuda Small Business Development Corporation and the Uptown Market Association in this important initiative.