Pittsfield-based Berkshire Bank, the banking subsidiary of Berkshire Hills Bancorp, will launch a $500 million Community Investment Program next month.

The bank plans to expand personal and business credit, support the growth of the housing market and provide assistance to nonprofit organizations.

"We have identified key areas of opportunity where we can provide the greatest benefit to our markets and that will have a positive ripple effect impacting the most consumers," said Berkshire’s President and CEO Michael P. Daly. "We plan to provide $500 million in personal and business lending in 2009. Our program will stimulate the housing market, and also focuses on key federal and state mortgage initiatives. The program will also support the unique needs of our nonprofit organizations, which have been particularly hard hit by declining endowments, grants and contributions as a result of the economic downturn."