![]() Valley Economic Development Center, Inc.California Coastal Rural Development Corporation (Salinas, CA) - $870,000.The Bank of Santa Barbara (Santa Barbara, CA) - $1.9 million.Rural Community Assistance Corporation (West Sacramento, CA) - $4.3 million.Opportunity Fund Northern California (San Jose, CA) - $2.2 million.Community Valley Bank (El Centro, CA) - $2.4 million.Low Income Investment Fund (San Francisco, CA) - $7.5 million.First Northern Community Bancorp (Dixon, CA) - $22.8 million.Security California Bancorp (Riverside, CA) - $7.2 million.FNB Bancorp (South San, CA) - $12.6 million.California Bank of Commerce (Lafayette, CA) - $11.0 million.OBDC Small Business Finance (Oakland, CA) - $219,000.Western Alliance Bancorporation (Phoenix, AZ) - $141.0 million.Southern National Corporation, (Andalusia, AL) - $6.0 million.The 141 community banks that received $1.6 billion in SBLF funding as part of today’s announcement include: 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. These tax breaks were designed to support job creation and retention, entrepreneurship, investment, and growth. ![]() The Obama Administration has also supported 17 direct tax breaks that provide tax relief of more than $50 billion for small businesses. 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 SBLF is one part of the Obama Administration’s comprehensive agenda to help small businesses access the capital they need to invest and hire. For more details on the SBLF program, please visit, link and link. 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 helps small businesses meet this challenge by providing capital to community banks that hold under $10 billion in assets. ![]() But small business owners faced disproportionate challenges in the aftermath of the recession and credit crisis, including difficulty accessing capital. Small businesses employ roughly one-half of all Americans and account for about 60 percent of gross job creation. economy and are central to growth and job creation. Small businesses play a critical role in the U.S. “This $4 billion investment, which will help propel lending by Main Street banks in many multiples of that amount, is good for our economy and good for America’s small businesses.” “Billions of dollars in SBLF funds are now being put to use in communities all across the nation, spurring small business growth and job creation,” said Deputy Secretary of the Treasury Neal S. 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. ![]() This brings the total funding for the program to more than $4 billion going to 332 banks across the country. Department of the Treasury announced that an additional 141 community banks across the country have received more than $1.6 billion as part of the seventh and final wave of funding provided through the Small Business Lending Fund (SBLF).
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