Dime Bank unveils new ‘stimulus' program

The Norwich-based Dime Bank announced a new $10 million lending program today for the region's small businesses and nonprofits as a means of stimulating the local economy.

James Cronin, the bank's president, said the "Dime Bank Stimulus Program" will offer loans for commercial and industrial-type applications, from working-capital needs to business expansion or equipment upgrades.

During a morning press conference, Cronin said the local community bank's commercial lending program remains robust, with nearly $32 million in lending so far this year. But he said a lack of business credit, especially to smaller-sized businesses, led his bank to create its own stimulus package. Interested businesses and nonprofits, he said, should contact a local Dime Bank branch office or contact commercial lenders at the bank's corporate headquarters in Norwich.