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 Small Business Lending Fund Provides More Than $4 Billion to 332 Community Banks Across the Nation


9/28/2011

WASHINGTON – Today, the U.S. Department of the Treasury announced that an additional 141 community banks across the country have received more than $1.6 billion as part of the seventh and final wave of funding provided through the Small Business Lending Fund (SBLF). This brings the total funding for the program to more than $4 billion going to 332 banks across the country. The SBLF, which was established as part of the Small Business Jobs Act that President Obama signed into law, encourages community banks to increase their lending to small businesses, helping those companies expand their operations and create new jobs. 
       
“Billions of dollars in SBLF funds are now being put to use in communities all across the nation, spurring small business growth and job creation,” said Deputy Secretary of the Treasury Neal S. Wolin.  “This $4 billion investment, which will help propel lending by Main Street banks in many multiples of that amount, is good for our economy and good for America’s small businesses.”

Small businesses play a critical role in the U.S. economy and are central to growth and job creation. Small businesses employ roughly one-half of all Americans and account for about 60 percent of gross job creation. But small business owners faced disproportionate challenges in the aftermath of the recession and credit crisis, including difficulty accessing capital.
 
The SBLF helps small businesses meet this challenge by providing capital to community banks that hold under $10 billion in assets. The dividend rate a community bank pays on SBLF funding is reduced as that bank increases its lending to small businesses – providing a strong incentive for new lending to small businesses so they can expand and create jobs. For more details on the SBLF program, please visit, link and link.
 
The SBLF is one part of the Obama Administration’s comprehensive agenda to help small businesses access the capital they need to invest and hire. The State Small Business Credit Initiative (SSBCI), which is also a key part of the Small Business Jobs Act, allocates $1.5 billion to new and existing state programs that will leverage private financing to spur $15 billion in new lending to small businesses and small manufacturers. 
 
The Obama Administration has also supported 17 direct tax breaks that provide tax relief of more than $50 billion for small businesses. These tax breaks were designed to support job creation and retention, entrepreneurship, investment, and growth. The Administration has also worked with Congress to extend and expand existing Small Business Administration loan programs that helped put more than $42 billion in the hands of small businesses and deliver other important benefits to help small businesses expand and hire. 
 
The 141 community banks that received $1.6 billion in SBLF funding as part of today’s announcement include:

  • Southern National Corporation, (Andalusia, AL) -- $6.0 million
  • Southern States Bancshares, Inc. (Anniston, AL) -- $7.5 million
  • Western Alliance Bancorporation (Phoenix, AZ) -- $141.0 million
  • OBDC Small Business Finance (Oakland, CA) -- $219,000
  • California Bank of Commerce (Lafayette, CA) -- $11.0 million
  • FNB Bancorp (South San, CA) -- $12.6 million
  • Security California Bancorp (Riverside, CA) -- $7.2 million
  • First Northern Community Bancorp (Dixon, CA) -- $22.8 million
  • Low Income Investment Fund (San Francisco, CA) -- $7.5 million
  • Community Valley Bank (El Centro, CA) -- $2.4 million
  • Opportunity Fund Northern California (San Jose, CA) -- $2.2 million
  • Rural Community Assistance Corporation (West Sacramento, CA) -- $4.3 million
  • The Bank of Santa Barbara (Santa Barbara, CA) -- $1.9 million
  • California Coastal Rural Development Corporation (Salinas, CA) -- $870,000
  • Valley Economic Development Center, Inc. (Van Nuys, CA) -- $661,000
  • Partners Bank of California (Mission Viejo, CA) -- $2.5 million
  • Promerica Bank (Los Angeles, CA) -- $3.8 million
  • Capital Bank (San Juan Capistrano, CA) -- $3.1 million
  • Bank of Commerce Holdings (Redding, CA) -- $20.0 million
  • Columbine Capital Corp. (Buena Vista, CO) -- $6.1 million
  • Colorado Enterprise Fund, Inc. (Denver, CO) -- $463,000
  • Building Hope: A Charter School Facilities Fund (Washington, DC) -- $2.1 million
  • Partners for the Common Good, Inc. (Washington, DC) -- $1.0 million
  • Florida Community Bankshares, Inc. (Ocala, FL) -- $17 million
  • Florida Business BancGroup, Inc. (Tampa, FL) -- $15.4 million
  • Platinum Bank (Brandon, FL) -- $13.8 million
  • Community Southern Bank (Lakeland, FL) -- $5.7 million
  • FineMark Holdings, Inc. (Fort Myers, FL) -- $5.7 million
  • Ovation Holdings, Inc. (Naples, FL) -- $5.0 million
  • First Green Bank (Eustis, FL) -- $4.7 million
  • Marquis Bank (North Miami Beach, FL) -- $3.5 million
  • Appalachian Community Enterprises, Inc. (Cleveland, GA) -- $188,000
  • Heartland Financial USA, Inc. (Dubuque, IA) -- $81.7 million
  • Commercial Financial Corp (Storm Lake, IA) -- $18.0 million
  • Liberty Financial Services, Inc. (Sioux City, IA) -- $7.0 million
  • D.L. Evans Bancorp (Burley, ID) -- $29.9 million
  • QCR Holdings, Inc. (Moline, IL) -- $40.1 million
  • Heartland Bancorp, Inc. (Bloomington, IL) -- $25 million
  • United Community Bancorp, Inc. (Chatham, IL) -- $22.3 million
  • Illinois State Bancorp, Inc. (Chicago, IL) -- $13.4 million
  • Signature Bancorporation, Inc. (Chicago, IL) -- $12.5 million
  • People First Bancshares, Inc. (Pana, IL) -- $9.2 million
  • IFF (Chicago, IL) -- $8.3 million
  • Fisher Bancorp, Inc. (Fisher, IL) -- $1.0 million
  • First Merchants Corporation (Muncie, IN) -- $90.8 million
  • Community Bank Shares of Indiana, Inc. (New Albany, IN) -- $28.0 million
  • AMB Financial Corp. (Munster, IN) -- $3.9 million
  • Brotherhood Bancshares, Inc. (Kansas City, KS) -- $16.0 million
  • First Financial Bancshares, Inc. (Lawrence, KS) -- $3.9 million
  • FCB Bancorp, Inc. (Louisville, KY) -- $9.8 million
  • Federation of Appalachian Housing Enterprises, Inc. (Berea, KY) -- $2.1 million
  • First Guaranty Bancshares, Inc. (Hammond, LA) -- $39.4 million
  • Hyde Park Bancorp, Inc. (Hyde Park, MA) -- $18.7 million
  • StonehamBank, A Co-operative Bank (Stoneham, MA) -- $13.8 million
  • Boston Community Loan Fund, Inc. (Roxbury, MA) -- $4.4 million
  • Common Capital, Inc. (Holyoke, MA) -- $200,000
  • Capital Link, Inc. (Boston, MA) -- $198,000
  • Tri-County Financial Corporation (Waldorf, MD) -- $20.0 million
  • Howard Bancorp, Inc. (Ellicott City, MD) -- $12.6 million
  • Enterprise Community Loan Fund, Inc. (Columbia, MD) -- $8.8 million
  • Coastal Enterprises, Inc. (Wiscasset, ME) -- $2.3 million
  • Valley Financial Group, Ltd. (Saginaw, MI) -- $2.0 million
  • Heritage Bancshares Group, Inc. (Willmar, MN) -- $11.0 million
  • Community Reinvestment Fund, Inc. (Minneapolis, MN) -- $5.1 million
  • Midwest Minnesota Community Development Corporation (Detroit Lakes, MN) -- $4.6 million
  • Platinum Bancorp, Inc. (Oakdale, MN) -- $4.5 million
  • Nonprofits Assistance Fund (Minneapolis, MN) -- $686,000
  • Security State Bancshares, Inc. (Charleston, MO) -- $22 million
  • Triad Bancorp, Inc. (Frontenac, MO) -- $5.0 million
  • Fortune Financial Corporation (Arnold, MO) -- $3.3 million
  • Montana Community Development Corporation (Missoula, MT) -- $585,000
  • Mountain BizCapital, Inc. (Asheville, NC) -- $197,000
  • Citizens South Banking Corporation (Gastonia, NC) -- $20.5 million
  • Premara Financial, Inc. (Charlotte, NC) -- $6.2 million
  • Union Bank & Trust Company (Oxford, NC) -- $6.2 million
  • Providence Bank (Rocky Mount, NC) -- $4.3 million
  • The State Bank of Bartley (Bartley, NE) -- $2.4 million
  • Nebraska Enterprise Fund (Oakland, NE) -- $197,000
  • Northway Financial, Inc. (Berlin, NH) -- $23.6 million
  • First Colebrook Bancorp, Inc. (Colebrook, NH) -- $8.6 million
  • Guaranty Bancorp, Inc. (Woodsville, NH) -- $7.0 million
  • Center Bancorp, Inc. (Union, NJ) -- $11.3 million
  • Highlands Bancorp, Inc. (Vernon, NJ) -- $6.9 million
  • Freedom Bank (Oradell, NJ) -- $4.0 million
  • Harmony Bank (Jackson Township, NJ) -- $3.5 million
  • Meadows Bank (Las Vegas, NV) -- $8.5 million
  • Seneca-Cayuga Bancorp, Inc. (Seneca Falls, NY) -- $5.0 million
  • Primary Care Development Corporation (New York, NY) -- $4.0 million
  • Seedco Financial Services, Inc. (New York, NY) -- $2.5 million
  • Leviticus 25:23 Alternative Fund, Inc. (Elmsford, NY) -- $750,000
  • Community Loan Fund of the Capital Region, Inc. (Albany, NY) -- $478,000
  • La Fuerza Unida Community Development Corporation (East Norwich, NY) -- $42,000
  • Indebancorp (Oak Harbor, OH) -- $2.0 million
  • Economic and Community Development Institute, Inc. (Columbus, OH) -- $203,000
  • F & M Bancorporation, Inc. (Tulsa, OK) -- $38.2 million
  • Central Service Corporation (Enid, OK) -- $7.0 million
  • AmeriBank Holding Company (Collinsville, OK) -- $5.3 million
  • Citizen Potawatomi Community Development Corporation (Shawnee, OK) -- $490,000
  • The Reinvestment Fund, Inc. (Philadelphia, PA) -- $11.7 million
  • First Resource Bank (Exton, PA) -- $5.1 million
  • The Victory Bancorp, Inc. (Limerick, PA) -- $3.4 million
  • Bridgeway Capital, Inc. (Pittsburgh, PA) -- $1.8 million
  • The Progress Fund (Greensburg, PA) -- $1.1 million
  • Community First Fund (Lancaster, PA) -- $862,000
  • Northside Community Development Fund (Pittsburgh, PA) -- $250,000
  • Charleston Citywide Local Development Corporation (Charleston, SC) -- $1 million
  • Lowcountry Housing Trust, Incorporated (North Charleston, SC) -- $392,000
  • Rural Electric Economic Development, Inc. (Madison, SD) -- $1.2 million
  • Northeast South Dakota Economic Corporation (Sisseton, SD) -- $1.0 million
  • South Eastern Development Foundation (Sioux Falls, SD) -- $240,000
  • Avenue Financial Holdings, Inc. (Nashville, TN) -- $19.0 million
  • Moneytree Corporation (Lenoir City, TN) -- $10.0 million
  • Landmark Community Bank (Collierville, TN) -- $8.0 million
  • InsCorp, Inc. (Nashville, TN) -- $3.0 million
  • Franklin Financial Network, Inc. (Franklin, TN) -- $10.0 million
  • Sumner Bank & Trust (Gallatin, TN) -- $4.3 million
  • First Texas BHC, Inc. (Fort Worth, TX) -- $29.8 million
  • Sovereign Bancshares, Inc. (Dallas, TX) -- $24.5 million
  • Steele Holdings, Inc. (Tyler, TX) -- $8.3 million
  • Frontier Bancshares, Inc. (Austin, TX) -- $6.2 million
  • Liberty Capital Bancshares, Inc. (Addison, TX) -- $1.5 million
  • Algodon de Calidad Bancshares, Inc. (Abilene, TX) -- $600,000
  • PeopleFund (Austin, TX) -- $500,000
  • CEN-TEX Certified Development Corporation (Austin, TX) -- $489,000
  • Encore Bancshares, Inc. (Houston, TX) $32.9 million
  • PlainsCapital Corporation (Dallas, TX) -- $114.1 million
  • Continental Bancorporation (Salt Lake City, UT) -- $4.7 million
  • TowneBank (Suffolk, VA) -- $76.5 million
  • Xenith Bankshares, Inc. (Richmond, VA) -- $8.4 million
  • NCB Capital Impact (Arlington, VA) -- $8.2 million
  • United Financial Banking Companies, Inc. (Vienna, VA) -- $3 million
  • ECDC Enterprise Development Group (Arlington, VA) -- $320,000
  • Vermont Community Loan Fund, Inc. (Montpelier, VT) -- $1.2 million
  • W.T.B. Financial Corporation (Spokane, WA) -- $89.1 million
  • ShoreBank Enterprise Group, Pacific (Ilwaco, WA) -- $1.9 million
  • Sword Financial Corporation (Horicon, WI) -- $17 million
  • First Menasha Bancshares, Inc. (Neenah, WI) -- $10 million
  • Forward Community Investments, Inc. (Madison, WI) -- $470,000
  • Wisconsin Women’s Business Initiative Corporation (Milwaukee, WI) -- $391,000
  • Impact Seven, Incorporated (Almena, WI) -- $4.0 million
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