ADAMS, Mass. — Adams Community Bank has been designated a Preferred Lender through the U.S. Small Business Administration's (SBA) Preferred Lender Program (PLP).
Adams Community Bank's designation as a preferred lender places the Bank among the SBA's best lenders and empowers the Bank with fully delegated lending authority.
"I'm proud of the efforts our commercial lending team has exerted to attain the SBA's Preferred Lender status," said bank President and CEO Charlie O'Brien. "Their hard work and dedication are unmatched, and this designation supports that."
The status is only given to banks with a history of successfully processing and servicing SBA-guaranteed loans. Other factors considered include performance, loan volume, and explicit knowledge of SBA policies and procedures.
Advantages include control over the approval process, which can cut 4-6 weeks off of an SBA loan's turnaround time and more flexible terms and conditions.
"The SBA's Preferred Lenders Program (PLP) allows experienced lenders such as Adams Community Bank to provide delegated loan approval as well as closing and most servicing and liquidation authority," said SBA District Director Robert Nelson.
"In order to earn this designation, our lenders must establish a successful track record and demonstrate a thorough understanding of SBA lending policies and procedures. Congratulations to Adams Community Bank for achieving this level of status and distinction from the SBA!"
The status term lasts two years, and then the lender must go through a recertification process.
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State, Local Leaders Celebrate Funding Boost For Ashuwillticook Rail Trail Extension
By Sabrina DammsiBerkshires Staff
ADAMS, Mass. — State officials and local leaders kicked up their kickstands and took a ride along the final stretch of the Ashuwillticook Rail Trail on Thursday to celebrate new investments in rural communities.
Federal Funds and Infrastructure Office (FFIO) Director Quentin Palfrey joined local leaders, including State Rep. John Barrett III and Berkshire Regional Planning Commission (BRPC) Executive Director Laura Brennan, in Adams to highlight the newest round of FFIO funding. The grant will provide BRPC with $64,700 in state funds to help advance the Ashuwillticook Rail Trail expansion.
"When Governor Healey came into office, one of her big day-one commitments was to make sure that Massachusetts was fighting for every dollar possible coming out of Washington," Palfrey said, speaking about FFIO, a program created in 2023 to help the state aggressively pursue and coordinate federal funding opportunities.
This builds on a $17.3 million federal award secured last year for the project, dubbed the A2A project, which supports the design of a 9.3-mile shared-use path connecting the existing Ashuwillticook Rail Trail to the Williamstown Mohican Path.
"One of the things that she emphasized to me when we set up the Federal Funds and Infrastructure Office was that we need to make sure that these resources not only come into Massachusetts, but benefit all of Massachusetts," Palfrey added.
The additional $64,700 will allow BRPC to gather information about transportation needs in northern Berkshire County to help inform the design of the trail expansion. BRPC will partner with Williams College and Luminary Evaluation, LLC to use the University of Michigan's Transportation Security Index (TSI).
Brennan said BRPC will deploy a 16-question survey that will allow them "to research local and regional perspectives and surface the needs of our neighbors when it comes to transportation in the Berkshires."
"The best-case scenario would be if the survey turned up results that all needs are met and that everyone has access to the places and the things that they need to travel to – but we know that is not true," Brennan said. "We know that folks in Berkshire struggle to get to their place of employment, to be able to access important medical appointments, [and] other engagements. So, the transportation security index is going to help us really hone in on those specific needs, identify pockets of needs or areas where there is a strong concentration or depth of need."
She said FFIO's investment offers a "wonderful augmentation" to BRPC's current plans for the bike trail extension. It's also an investment that will make the region more competitive for other transportation opportunities.
"This is an incredibly multifaceted and valuable investment, and we deeply appreciate it," she said.
Barrett said these investments drive growth in the Berkshires.
"I've always found that if you're going to grow an area, you grow with what you have here to grow. You don't bring something in. We have a natural beauty. We have an environment that's second to none, and that's what we are going to grow on," he said.
Barrett said that in the First Berkshire District alone, 4,000 new people moved to the area.
"We're seeing that migration here. They're going to have activities. They're going to have jobs, and we're going to have a great educational system that goes with it with our two colleges that are here," he said.
Palfrey said it was clear during the initial creation of FFIO that federal funding often went to wealthier and more urban communities with larger planning departments and greater access to consultants. He added that FFIO helps reverse this trend and get projects in rural communities off the ground.
Adams Town Administrator Nicholas Caccamo recently announced that the town missed out on a $4 million U.S. Environmental Protection Agency Brownfields and Land Revitalization grant. click for more
BRPC was awarded an additional $64,700 that will allow them to gather information about transportation needs in northern Berkshire County. click for more
Matthew Wright, formerly a sergeant in the Adams Police Department, officially took his post on Tuesday, Sept. 8, and said he is excited to hit the ground running. click for more
The Fire Department's Engine 2 is suffering from rust and the Prudential Committee needs to decide if it should fixed or run until it can be replaced. click for more