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News & Press: Administration News

Fifty Additional Community Banks Receive $767 Million In Small Business Lending Fund Capital

Wednesday, August 31, 2011  
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The U.S. Department of the Treasury announced that an additional 50 community banks across the country received a total of $767 million as part of the next wave of funding provided through the Small Business Lending Fund (SBLF). The SBLF, which was established as part of the Small Business Jobs Act that President Obama signed into law, encourages community banks to increase their lending to small businesses, helping those companies expand their operations and create new jobs.         

Including today’s announcement, 130 community banks have now received more than $1.8 billion in SBLF funding. Additional SBLF funding announcements will be made on a rolling basis in the weeks ahead.

"These funds will provide a powerful incentive for community banks to expand their lending to small businesses, spurring new investment and job creation” said Deputy Secretary of the Treasury Neal S. Wolin. "Breaking down barriers to credit will provide critical support to Main Street entrepreneurs looking to invest in their local communities, grow their businesses, and put more Americans back to work.”

Small businesses play a critical role in the U.S. economy and are central to growth and job creation. Small businesses employ roughly one-half of all Americans and account for about 60 percent of gross job creation. But small business owners faced disproportionate challenges in the aftermath of the recession and credit crisis, including difficulty accessing capital.

The SBLF helps small businesses meet this challenge by providing capital to community banks that hold under $10 billion in assets. The dividend rate a community bank pays on SBLF funding is reduced as that bank increases its lending to small businesses – providing a strong incentive for new lending to small businesses so they can expand and create jobs.


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