Some businesses in Colorado are getting more loans than in recent years under a new Small Business Lending Fund.
The U.S. Department of the Treasury released a report this week showing that Colorado banks have increased their small business lending by $79.4 million since receiving capital through the fund.
The SBLF was established as part of the Small Business Jobs Act and encourages community banks to increase lending to small businesses.
The U.S. Treasury invested more than $4 billion in 332 institutions, in more than 3,000 communities in 48 states, through the SBLF. Nationwide, institutions participating in funding program 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 Neal Wolin, deputy secretary of the Treasury “The program is helping spark new lending to local entrepreneurs looking to invest in their businesses and create new jobs.”
Small businesses employ roughly one-half of all Americans and account for about 60 percent of gross job creation.
Read the report at the Department of Treasury.