The U.S. Department of the Treasury today released the Small Business Lending Fund’s (SBLF) Use of Funds Report, which showed that participating community banks and community development loan funds continued to outperform their peers in increasing lending to America’s small businesses. The average lending increase for all SBLF participants now stands at 41.5 percent over baseline levels, according to the report, which compares to a 5.5 percent median increase for a representative peer group of 519 community banks that were selected to match the specific size, geography, and financial condition of SBLF banks.
Today’s report also revealed that SBLF participants have now increased their small business lending by $9.0 billion over baseline levels through March 31, 2013. These increases in small business lending have been widespread across the program, with 91 percent of participating community banks and CDLFs reporting increased lending, and more than three-quarters of them doing so by 10 percent or more.
stablished by the Small Business Jobs Act of 2010, the Small Business Lending Fund is a dedicated fund designed to provide capital to qualified community banks to encourage small business lending. Treasury invested over $4.0 billion in 281 community banks and 51 CDLFs. Collectively, these institutions operate in over 3,000 locations across 48 states. To find more detailed information on how and where SBLF is giving small business owners greater access to the capital they need to grow, click here to read this quarter’s report.