The U.S. Treasury Department said today it is providing $767 million in loans to 50 community banks as part of its Small Business Lending Fund.
The Small Business Lending Fund now has invested more than $1.8 billion in 130 community banks, the Treasury said in a statement sent by e-mail. The $30 billion program provides capital to banks with under $10 billion in assets to encourage more lending to small businesses.
“These funds will provide a powerful incentive for community banks to expand their lending to small businesses, spurring new investment and job creations,” Treasury Deputy Secretary Neal Wolin said in the written statement.