The U.S. Department of the Treasury has released a report showing that California institutions receiving capital through the Small Business Lending Fund (SBLF) continue to increase their small business lending.
“Community banks participating in the Obama Administration’s Small Business Lending Fund have consistently increased small business lending over the past two years,” said Deputy Secretary of the Treasury Neal Wolin. “With the help of lending supported by SBLF, these small businesses continue to grow and create jobs in their neighborhoods.”
The SBLF was established as part of the Small Business Jobs Act that President Obama signed into law in 2010. It encourages community banks to increase their lending to small businesses. Treasury invested more than $4.0 billion in 332 institutions through the SBLF.
Here are some banks in the region that are participating:City Institution Lafayette California Bank of Commerce, 3595 Mount Diablo Blvd. Fairfield First Northern Bank, 1455 Oliver Rd. Petaluma Summit State Bank, 701 Sonoma Mountain Parkway, Suite C-13 Piedmont Western Alliance Bancorporation/Torrey Pines Bank, 1337 Grand Ave. San Francisco First National Bank of Northern California (multiple locations) Vacaville First Northern Bank, 555 Mason St., Ste. 100
For a full nationwide list of lenders, click here.
SBLF encourages lending to small businesses by providing capital to community banks and CDLFs with less than $10 billion in assets. The dividend or interest rate a community bank pays on SBLF funding is reduced as the bank increases its lending to small businesses – providing an incentive for new lending to small businesses so that these firms can expand and create jobs, Treasury says.
To view the report please click here.
Are you in small business? Have you tried to get financing? How has it worked?