$124.4 Million in Small Business Lending at NC Banks Through the Small Business Lending Fund

On April 9, 2012 the U.S. Department of the Treasury released a report showing that North Carolina banks have increased their small business lending by $124.4 million since receiving capital through 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 to help them grow and create
new jobs.

Treasury invested more than $4 billion in 332 institutions,
located in over 3,000 communities in 48 states, through the SBLF.
Nationwide, institutions participating in the SBLF significantly
increased small business lending in the last quarter of 2011 by $1.3
billion over the prior quarter—for a total of $4.8 billion over their
baseline.

“This report shows that the Small Business Lending Fund is having
a powerful impact,” said Deputy Secretary of the Treasury Neal Wolin.
“The program is helping spark new lending to local entrepreneurs looking
to invest in their businesses and create new jobs.”