The U.S. Department of the Treasury announced that the Vermont Community Loan Fund was awarded $1,247,000 through its Small Business Lending Fund (SBLF). The Loan Fund is among a group of 141 community banks across the country to receive funding in this latest wave of SBLF funding.
The SBLF was established as part of the Small Business Jobs Act and signed into law by President Obama, to encourage community banks to increase lending to small businesses, helping expand operations and create jobs. Total funding awarded from the SBLF program since its inception now exceeds $4 billion, awarded to 332 community banks across the country.
“This $4 billion investment, which will help propel lending by Main Street banks in many multiples of that amount, is good for our economy and good for America’s small businesses.” said Deputy Secretary of the Treasury Neal S. Wolin. The SBLF helps small businesses meet this challenge by providing capital to community banks that hold under $10 billion in assets.
“Small business owners in Vermont have struggled during this recession, and many have been unable to access capital when it’s been most needed,” said VCLF Executive Director Will Belongia. “Our work at the Loan Fund will be greatly aided by this most recent SBLF award” he added.