A new report by the U.S. Department of the Treasury reveals that Alabama participants of the Small Business Lending Fund have boosted their small business lending by $810.8 million over baseline levels, including a $90.3 million jump in the second quarter of 2013.
The analysis also shows U.S. banks receiving capital through the SBLF increased small business lending by $10.4 billion since “the depths of the recession” and $1.4 billion from the previous quarter.
One of the most significant challenges for small business owners in the “aftermath of the recession and credit crisis” has been accessing capital, the U.S. Department of the Treasury said in a report announcing the findings.
“Crossing the $10 billion mark in increased small business lending is an important milestone for these community banks, and underscores the positive impact that this Treasury program continues to have in local economies across the country,” said Treasury Under Secretary for Domestic Finance Mary J. Miller.
Established in conjunction with the Small Business Jobs Act authorized by President Obama, the SBLF program encourages community banks to boost their small business lending. Since the program’s inception, the Treasury has invested more than $4 billion in 332 institutions through the SBLF.
October 22, 2013 at 10:35 PM