Business, Small business

How community banks are helping small business and job growth

More community banks are getting federal approval to dole out funds to small businesses. The more funds disbursed to those business owners, the more opportunities for job growth.

Small businesses put roughly one-half of all Americans to work, according to the U.S. Treasury Department’s press statement, and they make up nearly 60 percent of gross job creation.

The Small Business Jobs Act approved nearly a year ago created s $30 billion Small Business Lending Fund.  This Fund gives community banks with assets less than $10 billion to help support small businesses. The Treasury invests in each of the banks by purchasing Tier 1-qualifying preferred stock or equivalents. So far, the Treasury has disbursed a total of $1.8 billion from the program to 130 banks.

The Treasury began approving applications for the nearly 900 community banks that applied in July out of the 7700 eligible community banks. The program sent out a total of $123 million in the first wave to six community banks. The program is set to expire September 27, which will mark the one year anniversary of the enactment of the Small Business Job Act.  Lawmakers and lobbying groups have been disturbed by the slow process and have urged Treasury officials to speed up the distribution of the funds. The Treasury claims it has to make sure the banks are good, and it expects to make more announcements in the coming weeks.

Photo credit: anankkml

6 thoughts on “How community banks are helping small business and job growth

  1. With havin so much written content do you ever run into any
    problems of plagorism or copyright violation?
    My website has a lot of completely unique content I’ve either created myself or outsourced but it looks like a lot of it is popping it up all over the web without my agreement. Do you know any methods to help reduce content from being stolen? I’d really appreciate it.

    • Brigitte Yuille

      Sorry for the delay. You really don’t have that much control when it comes to this but you can actually use it to your advantage by suggesting people in each post that people do share the content as long as they include your brand and contact information.

  2. My name’s Penelope from Amport, Great Britain and I have to say your article is really thoughtful. The clearness of your post is rather good and I can trust you are an authority on this subject. With your authorization, would you let me to grab your RSS feed to keep up-to-date with forthcoming articles? Thanks a ton and please continue the nice work.

    • Brigitte Yuille

      Penelope. Thank you for comment. I am so glad the information is helpful and easy for you to understand. Please feel free to grab the RSS feed. I am doing a little overhaul of the blog so I can provide more helpful content. If you are unable to get the RSS feed now you should soon be able to in the near future.

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