As credit is hard to get for small businesses, a local bank received $2.3 million through Small Business Lending Fund. Salem’s Community Independent Bancorp received funds to hike its lending to small businesses.
As small businesses are engines of job creation, they can lead to state’s economic recovery when funded adequately. Community Independent Bancorp can partner with small businesses as a result of SBLF funding and so critical capital can be released for creating new jobs. Even before Bancorp applied for funding, it actually identified many small businesses that can be benefited.
Funding will enhance the bank’s capacity to loan more to businesses that are operational in West Salem. This can also extend to agricultural businesses, commercial organizations; commercial real estate’s based on bank’s specific criteria. The loans can range between $5,000 to $1 million. This lending is a unique opportunity to help Bancorp in its intentions to lend out to community of small businesses.
Small businesses are responsible for generation of sixty-five percent of new jobs and that is critical for economic recovery. SBLF can help small businesses gain access to capital by making funds available to banks with less than $10 billion in assets. The State Small Business Credit Initiative provides funds to US States for next 10 years to endorse the small business lending program.
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