Today, the U.S. Department of the Treasury announced that 17 community banks across the country received a total of $214 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 todays announcement, 23 community banks have now received a total of $337 million in SBLF funding. Additional SBLF funding announcements will be made on a rolling basis in the weeks ahead.
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.
The 17 banks that received SBLF funding as part of todays announcement include:
- Florida Traditions Bank (Dade City, Florida)-$8.8 million
- Verus Acquisition Group, Inc (Fort Collins, Colorado)-$9.7 million
- Founders Bancorp, (San Luis Obispo, California)-$4.2 million
- SouthCity Bank, (Vestavia Hills, Alabama)-$5.2 million
- Cache Valley Banking Company (Logan, Utah)-$11.7 million
- Security Business Bancorp (San Diego, California)-$8.9 million
- BOH Holdings, Inc. (Houston, Texas)-$23.9 million
- BancIndependent, Incorporated (Sheffield, Alabama)-$30.0 million
- First California Financial Group, Inc. (Westlake Village, California) $25.0 million
- Centric Financial Corporation (Harrisburg, Pennsylvania)-$7.5 million
- Eagle Bancorp, Inc. (Bethesda, Maryland)-$56.6 million
- York Traditions Bank (York, Pennsylvania)-$5.1 million
- Insight Bank (Columbus, Ohio)-$4.3 million
- Freedom Bancshares, Inc. (Overland Park, Kansas)-$4.0 million
- Phoenix Bancorp, Inc. (Minersville, Pennsylvania)-$3.5 million
- Huron Valley State Bank (Milford, Michigan)-$2.6 million
- Monument Bank (Doylestown, Pennsylvania)-$3.0 million