The U.S. Department of the Treasury said an additional 61community banks recently received a total of $608 million from theSmall Business Lending Fund.
|With the latest distribution, 191 banks have now received morethan $2.4 billion in SBLF funding, according to the Treasury. The agency saidadditional SBLF funding announcements will be made in the weeksahead.
|The SBLF is one part of the President Obama's initiatives tohelp small businesses access capital. The State Small BusinessCredit Initiative, which is a provision of the Small Business JobsAct, allocates $1.5 billion to new and existing state programs thatwill leverage private financing to spur $15 billion in new lendingto small businesses and small manufacturers.
|Community banks with less than $10 billion in assets areeligible for SBLF funds. The dividend rate a community bank pays onSBLF funding is reduced as that bank increases its lending to smallbusinesses, according to the Treasury.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
