Treasury ramps up small-biz lending before program ends

| 9/14/2011

Small-business truckers looking to expand their businesses may want to check this list to find out if their community bank is one of 191 that have received nearly $2.4 billion so far through the U.S. Treasury’s Small Business Lending Fund.

In recent weeks, the Treasury has stepped up its lending efforts and plans to lend another $1.9 billion to community banks before the program expires on Sept. 27.

A year ago, Congress enacted legislation designed to get cash flowing into the hand of small-business owners, including small-business truckers.

Of the $30 billion authorized by Congress, only $4.3 billion will be deployed before the program ends in late September. Until mid-June, none of the funds had been allocated to community banks applying for funds through the SBLF program. More than 900 community banks have applied for funding through the program.

Paul Merski, senior vice president and chief economist for the Independent Community Bankers of America organization, told Land Line recently that “the good news is many community banks will be able to expand their small-business lending due to the SBLF capital.”