A few community banks have new money to lend...get it while it's there
By Dian Vujovich
Anybody who has tried to get a loan in this low interest rate environment knows getting one isn’t necessarily easy—even if you’re wealthy and/or have a sterling credit score. But, the Small Business Lending Fund (SBLF) just got $214 million from the Treasury as part of the Small Business Jobs Act.
This addition brings the total of SBLF lend-out moola to $337 million.
“This funding will help break down barriers to credit for small businesses so they can invest, expand, and create new jobs,” said Treasurer of the United State Rosie Rios. “Continuing to unlock access to capital for Main Street entrepreneurs is vital to strengthening economic growth and job creation in local communities across our country.”
Small businesses are big business in America. In case you didn’t know they keep about 50 percent of us working and create about 60 percent of the jobs.
Here’s the list of the 17 banks that just received new funds to lend out:
• 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
If you’re a small business owner in need of funding go for it. And if at first you’re turned down, try, try and try again. Tenacity pays off!
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