Two months before the program aimed at increasing lending to small businesses is set to expire, the U.S. Treasury has announced that 23 community banks have received funding in July.
So far, $337 million of the $30 billion authorized by the U.S. Congress in September 2010 has been released to community banks with less than $10 billion in assets.
As for small-business truckers, who have been struggling to gain access to capital to grow their businesses, they may want to check to find out if their community bank is on the alphabetical list of those who received funding.
- BancIndependent, Inc. of Sheffield, AL;
- BOH Holdings, Inc. of Houston, TX;
- Cache Valley Banking Co. of Logan, UT;
- Centric Financial Corp. of Harrisburg, PA;
- Community Trust Financial Corporation of Ruston, LA;
- Eagle Bancorp, Inc. of Bethesda, MD;
- First California Financial Group, Inc. of Westlake Village, CA;
- Florida Traditions Bank of Dade City, FL;
- Founders Bancorp of San Luis Obispo, CA;
- Freedom Bancshares, Inc. of Overland Park, KS;
- Huron Valley State Bank of Milford, MI;
- Insight Bank of Columbus, OH;
- Level One Bancorp, Inc. of Farmington Hills, MI;
- Monument Bank of Doylestown, PA
- Phoenix Bancorp, Inc. of Minersville, PA;
- Pioneer Bank, SSB of Drippings Springs, TX;
- Security Business Bancorp of San Diego;
- ServisFirst Bancshares Inc. of Birmingham, AL;
- SouthCity Bank of Vestavia Hills, AL;
- U&I Financial Corp. of Lynnwood, WA;
- Verus Acquisition Group, Inc. of Ft. Collins, CO;
- Virginia Heritage Bank of Fairfax, VA; and
- York Traditions Bank of York, PA.
“Expanding access to credit for small businesses will provide a powerful spark for growth and job creation,” according to a statement by U.S. Treasury Secretary Tim Geithner.
According to the Treasury’s release, small-business owners “employ roughly one-half of all Americans and account for about 60 percent of gross job creation.”