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Commission hears about local bank foundation outreach to small businesses
Summary
Staff described outreach from Northwest Community Bank to engage small and medium businesses and reinvest profits through local foundations; commissioners noted local nonprofits and services in Watertown often receive such grants.
Staff (S4) said Northwest Community Bank reached out to discuss ways to engage small and medium businesses and to direct a portion of profits into community foundations. S4 noted that banks' charters and foundations often support nonprofits and local services; commissioners added that Watertown nonprofits, including the fire and police departments, receive such grants and that local banks differ in focus from larger regional foundations.
Commission members said foundations and bank-community programs are a potential source of local support and suggested the commission could publicize such programs to businesses that may qualify. No specific grant amounts or applications were presented at the meeting.
