Troy bank receives $8.3M for small business lending

Crestmark Bancorp of Troy will receive $8.3 million in federal funds for lending to small businesses, Sen. Carl Levin, D-Mich., announced Wednesday. The Small Business Lending Fund money was made available by the Small Business Jobs Act of 2010. Levin was a strong proponent of the bill when it was before the Senate. "The recession made it difficult for small businesses to gain access to capital as the big banks stopped lending," Levin said. "This money from the Small Business Lending Fund will help spur growth in the region and create jobs. Small businesses are at the heart of the American economy and are a major source of jobs growth." The Small Business Lending Fund, administered by the U.S. Treasury Department, helps small businesses meet the challenges posed by the aftermath of the recession and credit crisis by providing capital to community banks that hold under $10 billion in assets. The dividend rate a community bank pays on the funding is reduced as that bank increases its lending to small businesses, providing a strong incentive for new lending to small businesses to expand and create new jobs. Small businesses employ roughly one half of all Americans and account for approximately 60 percent of gross job creation according to the Treasury Department. For additional information on the Small Business Lending Fund, visit www.treasury.gov/resource-center/sb-programs/Pages/Small-Business-Lending-Fund.aspx. Published: Fri, Aug 19, 2011

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