United States. Congress. House. Committee on Small.

The effects of bank consolidation on small business lending : joint hearing before the Subcommittee on Taxation and Finance and the Subcommittee on Government Programs of the Committee on Small Business, House of Representatives, One Hundred Fourth Congress, second session, Boston, MA, March 4, 1996 online

. (page 10 of 21)
Online LibraryUnited States. Congress. House. Committee on SmallThe effects of bank consolidation on small business lending : joint hearing before the Subcommittee on Taxation and Finance and the Subcommittee on Government Programs of the Committee on Small Business, House of Representatives, One Hundred Fourth Congress, second session, Boston, MA, March 4, 1996 → online text (page 10 of 21)
Font size
QR-code for this ebook


that nationally, as in New England, growth in large business loans generally out paced growth in
small business loans. This situation was mainly due to the Commonwealth's economic recovery
which had trailed the recovery of the nation's economy. Massachusetts entered the economic



82



downturn earlier than the rest of the nation and is yet to regain the net loss of more than 100,000
manufacturing jobs cost since the mid-1980s.

The decline in the bank capital ratios in New England was greater than the rest of the
nation in the late 1980s and early 1990s and was due in part to the difficult economic situation
Massachusetts and New England experienced. The economic situation, coupled with harsh
regulatory actions put the regions banks and employers in a very trying situation. One could
argue that, as a result of this experience, consolidation leads to larger banks with a diversification
across geographic regions and product lines which could make small business borrowers less
dependent on the vagaries of local banking markets in the future.

Any exammation of small business access to business credit must also examine the
impact that non-bank financial institutions and organizations play in lending to small businesses.
For example, in 1993, with vigorous support from A.I.M. and with strong bipartisan support of
the Legislature, the Weld administration signed Chapter 19 of the Acts of 1995 into law. The
Senate increased the state investment tax credit from one percent to three percent and created
three funds to help small businesses gain additional access to capital and business credit: a $5
million Capital Access Fund, a $3 million Export Finance Fund and a $15 million Emergency
Technology Fund.



83



The Capital Access Fund, which is administered by the Massachusetts Business
Development Corporation (MBDC), a privately-owned company funded by 78 Massachusetts
financial institutions for the purpose of helping Massachusetts-based companies grow, provides a
pool of funds to encourage banks to broaden their loan underwriting to smaller and newly
established businesses. Capital Access Fund loans are limited to small and medium-sized
businesses with average sales under $5 million; the maximum loan limit is $500,000 for any one
business. Under the program, the borrower and the lender each contribute a portion of the loan to
a reserve account; the Commonwealth then matches the borrower's and lender's combined
contribution. The reserve account is available to protect lenders in case of default. Since 1993,
more than 900 CAP loans have been booked for a total of more than 56 million dollars through
more than 50 banks with loans averaging $60,000.

In examining small business access to business credit, loans from quasi-public agencies,
the Small Business Administration and the non-bank financial companies should also be
considered. Regarding government loan programs, I would like to point out that recent
congressional action directed the Small Business Administration to lower from 90 to 75 percent
its loan guarantees to lenders participating in certain SBA loan programs have not helped to
improve small businesses' access to credit.

While it is my opinion that bank lending to small business has not been reduced by the
wave of bank mergers and acquisitions, at this time, I commend the committee for conducting



84

hearings on the issue of small business access to business credit because of the impact small
business has on employment growth. Research conducted by The Federal Reserve Bank of
Boston indicated that the 50 largest lenders to small businesses currently account for
approximately 20 percent of the small business loan market nationwide. While the list includes a
number of the largest banks in the country, it is dominated by superregionals. As a result, it will
be important to continue to monitor how the ongoing bank consolidations will impact small
business lending in the future. It is my view that the current emphasis on small business lending
will continue unless the costs to large banks to comply with additional compliance regulations
serve to make small business loans too expensive to administer.

The work of the committee is important since small businesses have a much greater
reliance on bank loans to raise money than larger companies, which have access to stock and
bond markets. However, at this time, we see no decline in the ability of small businesses in
Massachusetts to obtain bank credit in light of ongoing bank mergers which have taken place.
Particularly, since recent mergers have seen banks already located in this region coming together.



85
Statement of



John P. Hamill

President

Fleet Bank of Massachusetts

75 State Street

Boston, MA 02109



before the



Subcommittee on Taxation and Finance

and the

Subcommittee on Government Programs

of the

House Committee on Small Business



regarding



"THE EFFECTS OF BANK CONSOLIDATION
ON SMALL BUSINESS LENDING"

Field Hearing in
Boston, Massachusetts



March 4, 1996



86



GOOD MORNING. MY NAME IS JOHN HAMILL AND I AM PRESIDENT OF FLEET
BANK OF MASSACHUSETTS. I AM PLEASED TO BE WITH YOU TODAY TO DISCUSS
SOME OF OUR INITIATIVES RELATIVE TO SMALL BUSINESS LENDING.

FLEET CONTINUES TO BE A GROWING COMPANY DURING A TIME OF INDUSTRY
CONSOLIDATION. WE BELIEVE THAT OUR SUCCESS IS A RESULT OF
UNDERSTANDING WHAT IS NEEDED BY OUR CUSTOMERS AND THE
COMMUNITIES WE SERVE.

AT FLEET, WE STRONGLY BELIEVE THAT THE NEW ENGLAND AND NEW YORK
ECONOMIES ARE FUELED BY SMALL BUSINESS. AS A RESULT, WE HAVE
INVESTED MAJOR CAPITAL AND HUMAN RESOURCES TO MEET THE NEEDS OF
THE MORE THAN ONE MILLION SMALL COMPANIES THROUGHOUT OUR MARKET
AREAS.

FLEET IS THE THIRD LARGEST SMALL BUSINESS LENDER IN THE UNITED STATES.

IN OUR CORE MARKET AREA, ONE OUT OF EVERY FOUR SMALL BUSINESSES IS
ALREADY BANKING WITH FLEET BECAUSE OF OUR 950 BRANCH LOCATIONS AND
OUR 100+ LOCALLY BASED BUSINESS BANKERS ALL OF WHOM MAKE CREDIT
AND DEPOSIT SERVICES AVAILABLE TO SMALL BUSINESSES. THEY ALSO BANK
WITH FLEET BECAUSE OF OUR SPONSORSHIP, PARTICIPATION AND OUTREACH IN

1



87

DOZENS OF BUSINESS ORGANIZATIONS THROUGHOUT NEW ENGLAND AND NEW
YORK.

MOST IMPORTANTLY, THEY BANK WITH FLEET BECAUSE WE MAKE MORE
SMALL BUSINESS LOANS THAN ANY OTHER NEW ENGLAND BASED OR NEW
YORK BANK. AND, WE MAKE IT EASIER AND FASTER TO GET THEM THAN ANY
OF OUR COMPETITION.

OUR EASY BUSINESS BANKING LOAN PROGRAM TRULY PUTS FLEET'S MONEY ON
THE LINE FOR SMALLER COMPANIES. FLEET'S EASY BUSINESS BANKING
GUARANTEES THAT WE WILL GIVE AN ANSWER TO SMALL BUSINESS LOAN
REQUESTS IN 3 DAYS OR LESS OR WE PAY THE CUSTOMER $250 IN CASH.

AND, THE MARKETPLACE HAS RESPONDED ENTHUSIASTICALLY TO THIS AND
ALL OUR CREDIT OFFERINGS AS EVIDENCE BY OUR RESULTS. SINCE EASY
BUSINESS BANKING WAS INTRODUCED JUST OVER 1 YEAR AGO, MORE THAN
10.000 COMPANIES HAVE RECEIVED S560MM IN LOANS THROUGHOUT NEW
ENGLAND AND NEW YORK - EACH OF THESE LOANS IS LESS THAN S100M - IN
FACT THE AVERAGE LOAN IS ONLY $50M.

IN MASSACHUSETTS, CONNECTICUT AND NEW YORK ALONE, MORE THAN 8,000
COMPANIES HAVE RECEIVED S456MM THROUGH THIS PROGRAM WHICH



88



PROVIDES BOTH SECURED AND UNSECURED CREDIT, WORKING CAPITAL AND
TERM LOANS.

BUT EASY BUSINESS BANKING IS ONLY ONE OF FLEET'S SMALL LOAN SERVICES.
IN 1995, WE FUNDED NEARLY $1.4 BILLION IN SMALL BUSINESS LOANS
THROUGHOUT OUR MARKET AREA. THAT IS FULLY 10% MORE THAN THE
SUBSTANTIAL AMOUNT OF CREDIT WE PROVIDED DURING THE PRIOR YEAR.
MASSACHUSETTS COMPANIES RECEIVED S275MM, MORE THAN HALF OF WHICH
IS NEW CREDIT.

CONNECTICUT COMPANIES RECEIVED S270MM, OVER 75% OF WHICH IS NEW
CREDIT.

NEW YORK COMPANIES HAVE RECEIVED S500MM, MORE THAN 2/3'S OF WHICH IS
NEW CREDIT.

ON MAY 15, 1995, FLEET WAS NAMED THE NATION'S FIRST REGIONAL PREFERRED
LENDER BY THE SBA. THROUGH SBA PROGRAMS, FLEET PROVIDES CREDIT TO
START UP COMPANIES AND EXPANDING BUSINESSES. WITH OVER S140MM AND
NEARLY 1,200 SBA LOANS IN OUR PORTFOLIO, FLEET IS COMMITTED TO
PROVIDING A FULL RANGE OF FINANCING OPTIONS TO ALL OUR CUSTOMERS.



89



WITH THE DELEGATED LENDING AUTHORITY GRANTED TO IT BY THE U.S.
EXPORT-IMPORT (EX-IM) BANK, THE FLEET ORGANIZATION IS AN ACTIVE
LENDER UNDER EX-IM'S WORKING CAPITAL GUARANTEE PROGRAM. THE
PROGRAM IS AIMED AT SMALL AND MID-SIZED CORPORATIONS WHERE
WORKING CAPITAL FINANCING IS PROVIDED TO SUPPORT NEW EXPORT SALES.
THIS BANK LENDING, GUARANTEED BY EX-IM, WILL FACILITATE THE PURCHASE
OF RAW MATERIAL, AND THE PRODUCTION/SHIPMENT OF MANUFACTURED
GOODS TO OVERSEAS CUSTOMERS.

OVER THE PAST 12 MONTHS FLEET BANK, WITH THIS DELEGATED AUTHORITY,
HAS FINANCED NEW EXPORTS FOR FOOD PROCESSORS, A MEDICAL SUPPLY
MANUFACTURER AND SEVERAL COMPANIES IN THE HIGH TECHNOLOGY
SECTOR. THESE EXPORTS WERE DIRECTED TO THE DEVELOPED ECONOMIES OF
EUROPE ALONG WITH EMERGING MARKETS IN ASIA AND LATIN AMERICA. THE
BANK WAS ABLE TO PROVIDE THE WORKING CAPITAL FOR THESE SMALL
BUSINESSES WHICH HAVE PREVIOUSLY FOUND THE EX-IM PROGRAMS TILTED
TO LARGE MULTINATIONALS. FLEET'S ROLE AS A DELEGATED LENDER HAS
OPENED THE EX-IM BANK TO THESE SMALL BUSINESS EXPORTERS, ALLOWING
THEM TO TAKE ADVANTAGE OF THE WEAKER U.S. DOLLAR TO PENETRATE NEW
INTERNATIONAL MARKETS WITH THEIR "WORLD CLASS" PRODUCTS.



90

STATE AND LOCAL LOAN POOLS AND GUARANTEE PROGRAMS ARE ALSO
CRITICAL TO OUR CUSTOMERS AND WE AGGRESSIVELY LEND THROUGH THESE
PROGRAMS AS WELL. GOOD EXAMPLES OF STATE AND LOCAL LENDING
PROGRAMS CAN BE SEEN IN THE:

MASSACHUSETTS CAPITAL ACCESS PROGRAM WHERE FLEET HAS PROVIDED
ALMOST $4MM IN LOANS.

AND OUR NEW BEDFORD FISHING INDUSTRY LOAN FUND WHERE WE PROVIDED
S667M IN MATCHING FUNDS TO ALLOW NEW BEDFORD TO QUALIFY FOR A
S2.5MM FEDERAL GRANT.

CONNECTICUT WORKS FUNDS WHICH PROVIDES LOAN GUARANTEES TO
BUSINESSES FOR THE PURPOSE OF JOB CREATION AND RETENTION WITHIN THE
STATE: WITH S90MM IN LOANS ALREADY EXTENDED, FLEET IS THE LARGEST
PARTICIPATING BANK.

IN NEW YORK, FLEET WAS THE FIRST BANK TO MAKE A MAJOR COMMITMENT OF
S57MM TO SUPPORT THE HARLEM-SOUTH BRONX EMPOWERMENT ZONE AND ITS
CRITICAL REVITALIZATION PROJECT. FLEET IS ALSO A MAJOR PARTICIPANT IN
THE MID-HUDSON BANKERS SMALL BUSINESS LOAN FUND. THE FUND WAS



91



ESTABLISHED TO ENCOURAGE AND FUND THE CREATION OF SMALL COMPANIES
IN COMMUNITIES EXPERIENCING CORPORATE DOWNSIZING.

WHILE WE BELIEVE OUR SMALL BUSINESS LENDING STATISTICS ARE
IMPRESSIVE, BUSINESS BANKING IS REALLY ABOUT PEOPLE, THEIR COMPANIES
AND JOBS. THE THOUSANDS OF MASSACHUSETTS COMPANIES WHICH HAVE
BENEFITED FROM FLEET'S BUSINESS BANKING EFFORTS INCLUDE A WIDE
ARRAY OF SERVICE, MANUFACTURING, RETAIL, TRADE, CONSTRUCTION, AND
DISTRIBUTION COMPANIES. ONE EXAMPLE OF OUR SMALL BUSINESS
CUSTOMERS IN MASSACHUSETTS IS A NEW START-UP COMPANY TO WHICH
FLEET PROVIDED TERM LOAN EQUIPMENT FINANCING, IN CONJUNCTION WITH
THE U.S. SMALL BUSINESS ADMINISTRATION, THESE FUNDS ENABLED THE
COMPANY TO ESTABLISH THE FIRST USDA APPROVED HISPANIC FOOD
PREPARATION COMPANY IN THE NORTHEAST. THE COMPANY CURRENTLY
EMPLOYS SEVEN PEOPLE WITH TEN TO FIFTEEN NEW EMPLOYEES TO BE HIRED
IMMEDIATELY. THE POTENTIAL ADDITIONAL EMPLOYEES FROM THIS NEW
MANUFACTURING EQUIPMENT COULD CREATE AS MANY AS 30 NEW JOBS IN THE
FUTURE.

ALTHOUGH WE ARE EXCITED ABOUT THE POSITIVE MARKET IMPACT OF THE
SMALL BUSINESS PROGRAMS I HAVE HIGHLIGHTED FOR YOUR TODAY, WE
REMAIN COMMITTED TO CONTINUAL IMPROVEMENT AS WE WORK TOGETHER



92



TO BUILD AN EVEN STRONGER SMALL BUSINESS FRANCHISE AT FLEET. WE
INTEND TO ENSURE THAT OUR SMALL BUSINESS CUSTOMERS REALIZE MANY
ADDITIONAL BENEFITS OF OUR MERGER WITH SHAWMUT AND TO CONTINUE TO
PROVIDE SUPERIOR SERVICE TO OUR BUSINESS BANKING CUSTOMERS.



93



Statement of

T. Lincoln Morison, Chairman & CEO

The First National Bank of Ipswich

31 Market Street

Ipswich, MA 01938

before the

Subcommittee on Taxation and Finance

and the

Subcommittee on Government Programs

of the

House Committee on Small Business

regarding

"THE EFFECTS OF BANK CONSOLIDATION
ON SMALL BUSINESS LENDING**

Field Hearing in
Boston, Massachusetts

March 4, 1996



23-344 96-4



94



Statement of T. Lincoln Monson, Chairman & CEO

The First National Bank oflpswich

The Effects of Bank Consolidation on Small Business Lending

Boston, Massachusetts

Monday, March 4, \\t,>'>



Good morning, I am Lin Monson, Chairman and CEO of The First National Bank of Ipswich,
Massachusetts, a $100 million full service, independent commercial bank headquartered in
Ipswich, Massachusetts with branches in Essex, Gloucester and Rowley Wc serve northern Essex
County 1 am also here on behalf of the Massachusetts Bankers Association, which represents
approximately 200 commercial, savings and co-operative bank members with total assets of more
than $160 billion. This represents % percent of all bank assets in Massachusetts I am pleased to
appear here today to offer comments on an issue key to the economic vitality of our region, the
imp' i of financial institution consolidation on small business lending

As you are well aware, we are in a period of enormous change in the structure of business in
our economy Consolidation, restructuring and downsizing are words frequently heard in industry
irftci- industry They affect banking, health care, drug stores, retailing, telecommunications and
even ski areas Consolidation is certainly a way of life in the banking industry However, from my
perspective, the move to consolidate has not lessened the competition one bit In fact, competition
to deliver financial services in the most effective manner remains fierce, particularly in the case of
small business

Historical Perspective

In order to assess the availability of loan capital for small business today and in the future,
scanning a little history may be helpful Over the past 10 years, wc have seen enormous growth in
the number of entities that provide loans to small business Let's look first at banking in
Massachusetts For decades commercial banks were the primary providers of banking services,
both deposit and credit, to small business State chartered savings and co-operative banks didn't
gain commercial lending powers until the early 1980's and for several years thereafter only a small
handful of thrifts, like Danvers Savings Bank, look advantage of them However, the change
opened new frontiers to many smaller banks providing them with the opportunity to enter lines of
business from which they liad previously been excluded

In 1985, there were 385 commercial, savings and co-operative banks in Massachusetts of
which 224 or 58% offered commercial lending services By the end of 1995, the number of banks
had shrunk to 265. However, 73 percent (193 of 265) of them now underwrite commercial loans
Many of the banks that do not are quite small with assets under $50 million While the number of
banks in Massachusetts during this period shrank by a third, the number of banks that make
commercial loans declined only 14 percent The story docs not end here In just the past year
alone, a dozen smaller community banks have entered the small business lending market and the
trend is continuing in 1996 In addition, just as several dc novo banks emerged in the 1980s, we
fully expect that when perceived gaps in markets appear, new banks will form to meet those market
needs



95



Bank Lending Capacity/Loan Growth

let mt speak now to the matter of capacity First, the Massachusetts banking industry has
plenty of money to lend to credit worthy borrowers Total bank equity capital is nearly $1 3 billion
with an industry equity capital ratio of 8 10 percent Liquidity is high and my bank, as is the case
with most other banks, is actively seeking qualified borrowers

Small business is our core target WhyV There arc two reasons First, more and more
medium and large companies have obtained access to the public capital markets, insurance
companies and pension funds They use banks much less for loan services and more for cash
management and other depository services Second, that is where the customers arc. A few
statistics tell the story.

• 96% of all business have sales of less than $5 million

* 88% of all business have sales of less than $ 1 million

♦ 54% of all business have sales of less than $250,000

These businesses arc located in our communities; on our main streets, in our local industrial
parks Small business owners constitute 70 percent of the households with net worth in excess of
$1 million Additionally, 50 percent of small business owners whose companies have sales greater
than $500,000 have incomes greater than $100,000 This demographic data is persuasive to us
that small business is the most attractive market to attack

The truth of this analysis is reflected in the charts attached to this paper From June 30, 1994
to June 30, 1995, the number of loans to small businesses on the books of Massachusetts banks
increased from 46,500 to 53,000 Ranks with assets under $500 million saw the largest increase in
terms of number of loans, which grew 16 percent during the period The large banks showed the
most dramatic growth in loan volume of 21 percent With the Massachusetts economy growing at
2-3 percent, and population barely increasing at all, these numbers amply demonstrate banks'
commitment to the small business sector of our economy.

New Competition

In addition to the increase in lending to small business by Massachusetts banks, we are seeing
an increase in the number and variety of non-banking companies and banks based in other states
offering loans to small business Included in this group arc taxpayer subsidized credit unions,
Merrill Lynch, Wells Fargo, ITT, OE Credit Corp and the Money Store to name but a few from a
very long list It is as if small business was the last hors d'oevre on the plate at a very large
cocktail party.

Special Initiatives/Capital Access Program

On top of these factors, a number of special loan initiatives have been created or expanded
over the past few years that have further enhanced the amount of loan capita) available to small
business The Massachusetts Capital Access Program is just one example This initiative,
modeled after a similar program in Michigan and developed in large part by the Massachusetts
Bankers Association in a strong cooperative effort with the legislature and the Weld administration,
is a program designed to expand the loan funds available to small business presently unable to
access them on their own for credit reasons



96



Briefly, here's how the program works A borrower applies to a participating bank. The
borrower pays a fee or premium of" between 1 1/2 to 3 1/2 percent of the loan amount, the bank
matches the amount and the state matches the combined amount The total fees arc set then aside
in a special CAI* reserve fund at the bank This pool is available as a special loan loss reserve for
these more risky loans The bank and borrower negotiate all loan terms including pricing and
guaranty premiums The bank commits and funds the loan using its own documentation

Enacted in 1993 and seeded with $5 million from the Commonwealth, more than 50 banks
have booked 941 loans for a total in excess of $56 million The average loan was $60,000.
Companies ranged in size from startups to ones with annual sales of $4,600,000. Based on data
supplied by the borrowers and the participating banks, 7,500 jobs were retained and 1,755 created
statewide through this innovative and very cost effective public/private initiative To date, only 18
loans have defaulted

Many other government programs exist to assist small business borrowers, ranging from
several Small Business Administration initiatives to state business financing specialists and local
loan pools

New York Federal Reserve Study

As further evidence of the current state of affairs a study released by the Federal Reserve Bank
of New York on Monday, February 26, 1996, concluded that bank lending to small business has
not been reduced by bank consolidations Reported in the March edition of "Current Issues in
Fconomics and Finance", the study compared a sample of 180 banks that merged between June
1993 and June 1994 to a random selection of similar sized banks that did not merge.

The researchers found the "the average ratio of small business loans to assets at banks that
merged actually grew from 8 3 to 8 5 percent from June 1993 to June 1995, while the ratio for
banks not involved in a merger actually fell from 7 4 percent to 6 9 percent during the same period
Other findings of the report said As large banks acquire smaller banks, they will have a financial
incentive to continue to make relationship loans to small businesses .", because they "will have a
strong profit motive to expand their small business lending."

"Overall, our research provides no support for the idea that consolidation from bank mergers
reduces the portfolio share of a banks small business loans If anything, mergers seem to increase
the propensity to hold these loans. Fvcn when a marked change in the size of the target bank
occurs post-merger (for example, when a large bank or when two medium size banks merge), we
sec no significant decline in the share of resources devoted to small business lending " Wc could
not have said it any clearer.

Small Business Loan Securitization

Finally, wc must comment on various initiatives to create a secondary market for small
business loans At the peak of attention of the so-called credit crunch a few years ago, legislation
surfaced calling for the creation of a government-sponsored secondary market, a "Vclda Sue"
approach. Wc believe such an approach could actually reduce the availability of credit,
particularly for marginal business borrowers, since by definition, a secondary market demands
conforming products from on underwriting perspective. These facts when combined with Wall



97



Street s perception that such entitles are backed by the full faith and credit of the US Government
should suggest a need for further review We would assert that the marketplace is already
responding to the desire for greater efficiency in small business underwriting, and is developing
simplified procedures and documentation for loan approvals We believe this is a far better
approach than creating another government secondary market mechanism

Conclusions

Our conclusion is that the amount of loan capital available to small business today is quite
substantial and growing In fact, we believe supply presently exceeds demand The challenge for
us bankers, both large super-rcgionals and local community banks alike, will be to retain and grow
our share of the market. Studies of small business owners indicate that they are loyal to their bank
but their level of satisfaction has declined recently partly, 1 suspect, because of the confusion that
is created by a merger As the chief executive of a small bank 1 am delighted to take advantage of
that confusion Our big challenge, as 1 just suggested, will be to maintain market share against
non-bank competition who can innovate more quickly and reach farther for business because they
arc unregulated, than we can Our doors are open, money is available and we are here ready to
lend

Thank you for this opportunity to appear before you today I would be pleased to answer any
questions you may have



98



J2

C

&





I


•£ *-




o „




5 o




£




8 s>




s §




*7




c i2




w J§




32




8 a


i


G) (0


*.

o


>» **


1


* eT


V)


J


Loan


%


(0 i




ines
nks




C/> (0




3 OQ




2 42




■25 '*"




W CD




ofSm
achus


i


•3


bution
Mass


5
S *


'C


w


«B


H


(A


5


S


£




3



CM
CN




2
o

s

V



I



100



N 2

c ^

03 C

to

c
w
o

-I

to
to

o
.E »

S J2

CD £
= &

■s S

p to

«^ to



1




£


£


#


in


©


m


CM


ra


^



g g



101

STATEMENT OF

FRANK C. ROMANO, JR.

PRESIDENT AND CEO

ELDER LIVING CONCEPTS, INC.

57 SUMMER STREET

ROWLEY, MA 01969

AND

MEMBER

(FORMER BOARD MEMBER AND VICE PRESIDENT)

SMALLER BUSINESS ASSOCIATION OF NEW ENGLAND, INC.

AND

NATIONAL SMALL BUSINESS UNITED

AND

CHAIRMAN, MARTIN T. MEEHAN' S SMALL BUSINESS TASK FORCE

AND

FORMER MEMBER

NEW ENGLAND SMALL BUSINESS ADVISORY COUNCIL


1 2 3 4 5 6 7 8 10 12 13 14 15 16 17 18 19 20 21

Online LibraryUnited States. Congress. House. Committee on SmallThe effects of bank consolidation on small business lending : joint hearing before the Subcommittee on Taxation and Finance and the Subcommittee on Government Programs of the Committee on Small Business, House of Representatives, One Hundred Fourth Congress, second session, Boston, MA, March 4, 1996 → online text (page 10 of 21)