Loans made by U.S Department of Treasury increased $31.6 million for small business owners as Ohio Community banks participated in them. Funds available from the Small Business Jobs Act of 2010, has helped community banks to receive small business loans of up-to $10 million. This can be used to give grants to businesses with $50 billion or less in revenue.
SBLF lends out to community banks having consolidated assets of less than $10 million. Participating lenders are found to boost small business lending by $1.3 billion in final quarter of 2011 as compared to previous quarter when total of $4.8 billion was granted.
The report released by the Treasury lists five Ohio banks and holding companies such as Community Independent Bancorp Inc., Columbus First Bankcorp Inc., Insight Bank, Indebancorp, and Economic & Community Development Institute Inc.
It is through the SBLF, that treasury invested $4 billion in 332 institutions spread across 48 States in US. The fund is meant to help small businesses find capital so as to hire more employees and spur investment. Small Business Lending Fund has a very powerful impact as the program has helped to initiate new lending to local entrepreneurs so as to create new jobs and to allow businesses investment in new projects.
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 email@example.com