Today, the U.S. Department of the Treasury announced that United Bank and Trust of Marysville received a total of $16.5 million as part of the next wave of funding provided through the Small Business Lending Fund (SBLF). 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.
“These funds will provide critical support to Main Street community banks so they can expand their lending to small businesses,” said Deputy Secretary of the Treasury Neal S. Wolin. “This program helps entrepreneurs in communities across the country access the capital they need to grow their operations, invest in new equipment, and hire additional workers.”
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.