Today's Date: April 15, 2021
Ancestry Appoints Gene Alston to its Board of Directors   •   Woman-Owned Startup Focused on Bias in the Workplace Acquires DBE Certification   •   Playworks Michigan Announces Coalition for Michigan Schoolchildren's Right to Play   •   Hyundai Unveils Segment-Shattering Santa Cruz Sport Adventure Vehicle   •   P&G’s “It’s Our Home” Shows How Small Actions at Home Can Make A Big Difference for Our Planet   •   Statement by New Journey PAC Chief Executive Officer Autry Pruitt on the Firing of Brooklyn Center, Minnesota City Manager Curt   •   FedEx Office, Vericast Unveil Branded Product Marketplace   •   Canadian securities regulators on track to publish final amendments to enhance protection of older and vulnerable clients   •   Gen Z Youth Say Climate Change is Adversely Affecting Their Physical and Mental Health in New National Survey by Blue Shield of   •   Core™ Now Available for Free Exclusively on the Epic Games Store   •   Red Roof® Offers Boomers Special Travel Deals and Flexibility to Reunite with Family and Friends   •   Gynesonics Announces Publication of SAGE Global Registry Preliminary Results: Real-World Usage Corroborates the Safety and Appli   •   Lawsuit: Lack of Supervision in Texas Foster Care Caused Toddler's Death   •   Feel the Rush and Live the Drama in F1® 2021 – A Next-Gen Experience From Codemasters®   •   Chicco USA Announces New Line Of Breathable, Thermoregulating Car Seats To Help Keep Children More Comfortable   •   Virtual Forum on Archiving the Black Web Scheduled for April 29-30   •   Government of Canada announces support for new accessible technology projects   •   Celebrating 100,000 COVID-19 Doses at Minnesota’s Community Health Centers   •   Women in Manufacturing Education Foundation Now Accepting Nominations for the 2021 Women in Manufacturing Hall of Fame   •   New Initiative to Combat Anti-Asian Violence Launched by Major Law Firms and Advocacy Organizations
Bookmark and Share

Treasury Expands Small Business "Main Street" Program

WASHINGTON – The U.S. Department of the Treasury today announced that six community banks received a total of $123 million as part of the first wave of capital provided by 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.

“Expanding access to credit for small businesses will provide a powerful spark for growth and job creation,” said Treasury Secretary Tim Geithner. “These funds will help ensure that more Main Street entrepreneurs have the opportunity to expand their businesses, invest in their local communities, and create new jobs.”

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.

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. A total of 54 states and territories applied to take part in the SSBCI and 14 states have already had their applications approved for $488 million in SSBCI funding.

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 full list of community banks that received funding through the first wave of SBLF capital includes the following:

Community Trust Financial Corporation (Ruston, Louisiana) – $48.3 million
Level One Bancorp, Inc (Farmington Hills, Michigan) – $11.3 million
Pioneer Bank, SSB (Drippings Springs, Texas) – $3.0 million
ServisFirst Bancshares Inc. (Birmingham, Alabama) – $40.0 million
U&I Financial Corp (Lynnwood, Washington) – $5.5 million
Virginia Heritage Bank (Fairfax, Virginia) – $15.3 million

Tom Broughton, President and CEO of ServisFirst Bancshares, Inc. said: "This lending fund program will enable us to continue to grow our small business loan portfolio and assist in the economic recovery in our markets.”



Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News