Thousands of small business loans will be made available to businesses in New Hampshire through the small business lending fund (SBLF). Bedford’s Centrix Bank & Trust will start lending money as it has received millions of dollars from SBLF.
In Granite State, small businesses will have access to $24.5 million in federal support through the program. The small business lending fund has been created as part of the small business jobs act. It got signed into law last year. Centrix is one of the 20 community banks that got selected nationwide so as to receive federal funding on Aug 3rd.
Community banks that hold a net capital asset of less than $10 billion are eligible to receive the $30 billion fund. Keeping this into view, banks help companies by increasing small business lending, expanding operations and creating more jobs. As banks keep increasing their small business lending and provide more incentives for new loans, the dividend rate that community banks pay on SBLF funding gets reduced.
Till now, forty-three community banks in the country received $590 million in SBLF funding. Additional SBLF announcements shall be made in coming weeks. The program is definitely a perfect fix for ‘Centrix Bank’. The SBLF’s mission is to provide lending opportunities to small businesses in New Hampshire.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org