Wednesday, September 14, 2011
WASHINGTON, DC- U.S. Senator Bob Casey (D-PA) today announced that three Pennsylvania community banks received $32.1 million through the U.S Treasury Department’s Small Business Lending Fund (SBLF) to help small businesses access capital and create jobs.
“Small businesses are the backbone of our economy,” said Senator Casey. “I urged Treasury to expedite this funding to give community banks an incentive to lend to Pennsylvania small businesses, helping them grow and create jobs.”
The Pennsylvania banks receiving funding as part of today’s announcement include:
- Penn Liberty Financial Corp. (Wayne Pennsylvania) -- $20.0 million
- MileStone Bank (Doylestown, Pennsylvania) -- $5.1 million
- Franklin Security Bancorp, Inc. (Plains, Pennsylvania) -- $7.0 million
There are over 275,000 small businesses in Pennsylvania that employ over 3.2 million people.
The SBLF was established as part of the Small Business Jobs Act (SBJA), which Senator Casey fought hard to enact and the President signed into law on September 27, 2010. The SBJA encourages community banks to increase their lending to small businesses, helping those companies expand their operations and create new jobs.
The SBLF helps small businesses by providing capital to community banks that hold under $10 billion in assets. The dividend rate a community bank pays on SBLF funding is reduced as that bank increases its lending to small businesses – providing a strong incentive for new lending to small businesses so they can expand and create jobs.
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A nonprofit 501(c)3 organization, the RCWE’s mission is to connect people with jobs through collaborative workforce development efforts and strong partnerships with economic development, business, education, and government sectors in the Northwest Pennsylvania region.
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