Bank to Help Grow Members' Business

Cynthia D. Borck, executive vice president of member Union Bank, at The Copley House in Morrisville, Vermont. Union Bank provided a construction loan for The Copley House initiative, which preserved a valued historic property and created a home for residents with chronic mental illness. Union Bank also received a Federal Home Loan Bank of Boston Affordable Housing Program grant on behalf of The Copley House developer.

Beginning March 15, 2004, members can connect with developers and businesses seeking financing through the Federal Home Loan Bank of Boston's newest online offering: the Project Listing Service™.

The Bank created this free service to expand lending opportunities for its member financial institutions and to enhance funding opportunities for New England nonprofit and for-profit developers, businesses, and commercial-property owners.

Through the Project Listing Service, developers list projects for which they are seeking funding, describe the nature of the project, and specify the type of financing being sought. All types of initiatives will be listed, including housing, commercial, and economic-development projects.

Member financial institutions respond to those they deem valuable lending and investment opportunities. Only members of the Bank can view the listed projects, which can be accessed through the Community Lending section of FHLB Direct, the Bank's secure online transaction and account-information service.

In addition to viewing and sorting projects seeking funding, members can also specify automatic notification based on selected geographic areas.

Although advances may provide an efficient and economical funding source for the projects listed, there is no requirement that members use Bank advances to fund the listed projects.