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. For more details on the SBLF program, please visit, link and link.
The SBLF is one part of the Obama Administration’s comprehensive agenda to help small businesses access the capital they need to invest and hire. The State Small Business Credit Initiative (SSBCI), which is also a key part of the Small Business Jobs Act, allocates $1.5 billion to new and existing state programs that will leverage private financing to spur $15 billion in new lending to small businesses and small manufacturers.
The Obama Administration has also supported 17 direct tax breaks that provide tax relief of more than $50 billion for small businesses. These tax breaks were designed to support job creation and retention, entrepreneurship, investment, and growth. The Administration has also worked with Congress to extend and expand existing Small Business Administration loan programs that helped put more than $42 billion in the hands of small businesses and deliver other important benefits to help small businesses expand and hire.
The 50 community banks that received SBLF funding as part of today’s announcement include:
Central Valley Community Bancorp (Fresno, California), $7.0 million
GBC Holdings, Inc. (Los Angeles, California), $5.0 million
First PacTrust Bancorp, Inc. (Chula Vista, California), $32.0 million
Morgan Capital Corporation (Fort Morgan, Colorado), $3.3 million
Salisbury Bancorp, Inc. (Lakeville, Connecticut), $16.0 million
Gulfstream Bancshares, Inc. (Stuart, Florida), $7.5 million
Florida Shores Bancorp, Inc. (Pompano Beach, Florida), $12.8 million
First Federal Bancorp, Inc. (Lake City, Florida), $20.0 million
CBOS Bankshares, Inc. (Merritt Island, Florida), $3.9 million
HomeBancorp, Inc. (Tampa, Florida), $7.4 million
Lowndes Bancshares, Inc. (Valdosta, Georgia), $6.0 million
Bancorp Financial, Inc. (Oak Brook, Illinois), $14.6 million
First Robinson Financial Corporation, (Robinson, Illinois) $4.9 million
First Busey Corporation (Champaign, Illinois), $72.7 million
Southern Illinois Bancorp, Inc. (Carmi, Illinois), $9.0 million
Prime Banc Corp. (Dieterich, Illinois), $10.0 million
Horizon Bancorp (Michigan City, Indiana), $12.5 million
MutualFirst Financial, Inc. (Muncie, Indiana), $28.9 million
MidSouth Bancorp, Inc. (LaFayette, Louisiana), $32.0 million
Central Bancorp, Inc. (Somerville, Massachusetts), $10.0 million
Leader Bancorp, Inc. (Arlington, Massachusetts), $12.9 million
Katahdin Bankshares, Inc. (Houlton, Maine), $11.0 million
McLeod Bancshares, Inc. (Shorewood, Minnesota), $6.0 million
Redwood Financial, Inc. (Redwood, Falls, Minnesota), $6.4 million
Great Southern Bancorp, Inc. (Springfield, Missouri), $57.9 million
Liberty Bancshares, Inc. (Springfield, Missouri), $23.0 million
The Landrum Company (Columbia, Missouri), $20.0 million
Liberty Bancorp, Inc. (Liberty, Missouri), $16.2 million
Alerus Financial Corporation (Grand Forks, North Dakota), $20.0 million
Western State Agency, Inc. (Devils Lake, North Dakota), $12.0 million
New Hampshire Thrift Bancshares, Inc. (Newport, New Hampshire), $20.0 million
Crest Savings Bancorp, Inc. (Wildwood, New Jersey), $2.5 million
The Elmira Savings Bank, FSB (Elmira, New York), $14.1 million
Alma Bank, (Astoria, New York), $19.0 million
Columbus First Bancorp, Inc. (Worthington, Ohio), $6.2 million
Prime Bank Group (Edmond, Oklahoma), $4.5 million
Codorus Valley Bancorp, Inc. (York, Pennsylvania), $25.0 million
Emclaire Financial Corp. (Emlenton, Pennsylvania), $10.0 million
CBT Financial Corp. (Clearfield, Pennsylvania), $10.0 million
Enterprise Financial Services Group, Inc. (Allison Park, Pennsylvania), $5.0 million
Carolina Alliance Bank (Spartanburg, South Carolina), $5.0 million
Magna Bank (Memphis, Tennessee), $18.4 million
Community First Bancshares, Inc. (Union City, Tennessee), $30.9 million FVNB Corp. (Victoria, Texas), $18.0 million
Veritex Holdings, Inc. (Dallas, Texas), $8.0 million
The ANB Corporation (Terrell, Texas), $37.0 million
FB BanCorp (San Antonio, Texas), $12.0 million
Blue Ridge Bankshares, Inc. (Luray, Virginia), $4.5 million
County Bancorp, Inc. (Manitowoc, Wisconsin), $15.0 million
PFSB Bancorporation, Inc. (Pigeon Falls, Wisconsin), $1.5 million
