that participants receiving capital through SBLF continue to increase their small business lending, in total by $7.4 billion over the baseline and by $740 million over the prior quarter.
Local media outlets are covering how the program has been benefiting their communities. Here are a few excerpts:
New Hampshire Business Review: N.H. banks in federal program see a lending boost
"We generally have expanded growth beyond what we could have been able absent the SBLF capital," said Joe Reilly, president and CEO of Bedford-based Centrix, which accepted $24.5 million through the program.
"It had a big impact on our lending," said Steve Theroux, CEO of New Hampshire Thrift Bancshares, owner of Lake Sunapee Bank, and - in an acquisition completed last month - The Nashua Bank as well.
"We [Lake Sunapee] took $20 million and provided a really attractive lending product -- a low-interest fixed rate for 10 years with a 20-year payback. It generated $60 million of new business."
The Nashua Bank accepted $3 million, "but they very quickly loaned that out," said Theroux.
The Huntsville Times: Alabama banks' small-business lending up through treasury department program
"It's really a well thought out program," John Kottmeyer [a banking professor at Samford University's Brock School of Business] said. "This is one of those kind of rifle shots, where it's a very specific program for a very specific sector: lenders who didn't have access to funds. It's one of those targeted approaches that seems to be working fairly well."
St. Louis Business Journal: Small business lending up in Illinois, Missouri
Triad Bank in Frontenac, for example, took $5 million through the program.
“It’s an extremely cheap source of capital for us,” said Jim Regna, president and chief executive.
Boulder County Business Report: Federal fund fuels small-business loans
“In the first six quarters of the program, Centennial Bank increased by 50.9 percent its small-business lending in Colorado, according to Treasury data. CoBiz Bank increased its state small-business lending by 5.5 percent.”
Tampa Bay Business Journal: Small business lending jumps $302M at Florida banks
“Small business loans were up $138.4 million at the seven banks in the Tampa Bay area that participated in the SBLF, according to a report from the U.S. Department of the Treasury. That’s a nearly $20 million increase over the second quarter of 2012.”
“Florida Traditions Bank in Dade City posted the biggest dollar amount in business loans, $50.8 million, up 83 percent since the program began. Jefferson Bank of Florida in Oldsmar had a $15.1 million increase in business loans, for the biggest percentage increase, 108.7 percent.”
For more information on the Obama Administration’s small business initiatives, please visit www.sba.gov. For more information on SBLF, please visit www.treasury.gov/sblf.
Anthony Reyes is the New Media Specialist at the U.S. Department of the Treasury.