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Treasury Notes

 Funding is Rolling Out, Reviews Are Rolling In

By: Don Graves

The Small Business Lending Fund (SBLF), which is part of the Small Business Jobs Act passed by Congress and signed by President Obama, has been helping small businesses all summer by providing capital to community banks that hold less than $10 billion in assets. We recently reported that August was a particularly strong month for helping small businesses across the country access credit, with Treasury moving nearly $1.2 billion to 87 community banks through the SBLF – the equivalent of $38 million per day – to boost local economies and spur job creation. And just today we added 61 banks in 30 states to the list, bringing the current total for the program to 191 community banks receiving $2.4 billion in SBLF funding.

Main Street banks are already seeing the benefits of this lending in their communities across the country. But don’t just take our word for it; here is what the institutions are saying:

Bank of Montana (Missoula, MT) - received $1.46 million in SBLF funding

“In Montana, most of our new jobs don’t come from big companies, they come from small businesses. The SBLF capital comes at a perfect time for Bank of Montana to green-light important loans to several small- and mid-sized businesses in our community. We are financing new glass recycling equipment for a bottling company that now has plans to expand its business and hire 30 more workers. We are also working with a local auto dealer to finance energy efficient facilities and equipment that will help the dealership save real money and put it on solid footing for future growth. These projects are just two examples of how we are leveraging the SBLF investment to help our customers and our community.” -- Tom Swenson, Chief Executive Officer and President

Crestmark Bancorp (Troy, MI) - received $8.3 million in SBLF funding

“All we do is small business lending. We serve a lot of different industries throughout our various locations, but have expertise in manufacturing, staffing, oil and gas, transportation, government contracting and garment/textile industries. We have experienced record small business loan growth for the past three years, providing more than $3 billion a year in working capital advances, and we have increased our headcount by 50 employees. This investment from Treasury's Small Business Lending Fund will only help Crestmark continue to expand its small business lending platform throughout the US. There is demand in the marketplace for small business lending, and I am confident that we will be able to leverage the entire SBLF investment because of our reputation in the marketplace due to the professionalism of our staff.” -- Mick Goik, Executive Vice President and Chief Financial Officer

Florida Traditions Bank (Dade City, FL) - received $8.8 million in SBLF funding

“Florida Traditions is a country bank in a rural community about 35 miles northeast of Tampa. The SBLF has been an inexpensive source of capital that fits our bank's growing book of business. We lend money to all types of small businesses in this area, from well-run mom-and-pops, to qualified professional services groups, to farms and agriculture. Put simply, we're a growing bank that lends in the same communities that trust us with their deposits.” -- Bud Stalnaker, President and Chief Executive Officer

GBC International Bank (Los Angeles, CA)received $5 million in SBLF funding

“Job growth is going to come from the businesses that have the access to credit they need to expand. Small business lending is one of our bank's strong points. This SBLF investment will give us more room to work with those companies that are looking to export goods made right here in the United States.”-- Richard Holmes, Senior Vice President and Chief Financial Officer

Huron Valley State Bank (Milford, MI) - received $2.6 million in SBLF funding

“The funds from this program allow Huron Valley Bank to continue to do what we've always done well in the past: serve the small businesses that are a central part of this community. We work with a variety of small businesses, including manufacturing companies, landscapers, medical practices, contractors, and others. Right now, we're making a special effort to market equipment loans, so that small businesses have the capital they need to invest, grow, and hire new workers.” -- Jack Shubitowski, President and Chief Executive Officer

Prime Bank (Edmond, OK) received $4.5million in SBLF funding

“In many ways, the SBLF is a tailor-made program for our community bank. We serve Edmond, OK and have strong demand from the small business customers that have been creating jobs in this area. We will be able to leverage the SBLF investment by as much as 10 to 1 as we extend new loans to a growing mix of commercial, industrial, and agriculture-related small businesses.” --Alan Berryman, Chief Financial Officer

Silvergate Bank (La Jolla, CA)received $12.4 million in SBLF funding

“Silvergate Bank's focus includes serving small businesses throughout San Diego County, California. With the recent investment from the U.S. Treasury's SBLF program, we are further expanding our efforts to reach out to small businesses that are growing and creating jobs in this community.” -- Alan J. Lane, President and Chief Executive Officer

Summit State Bank (Santa Rosa, CA)received $13.8 million in SBLF funding

“We are excited to be able to offer this lending opportunity to the business leaders in our community with our SBLF investment. As part of our ‘lend local’ campaign we will be reaching out to small businesses across Sonoma County with the sincere hope that when they think of lending needs, they think Summit. As a community bank, we are committed to supporting our local community and economy. With our Sonoma County Small Business Lending Program, we will support small businesses and nonprofits with the resources needed to strengthen and grow. We look forward to speaking with new and existing business clients to better understand how we can put these funds to work in our Sonoma County community to further serve their business lending needs.” -- Tom Duryea, President and Chief Executive Officer

Don Graves is Treasury’s Deputy Assistant Secretary for Small Business and the Executive Director of the President’s Council on Jobs and Competitiveness.

Posted in:  Small Business Lending Fund (SBLF)
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