LOGAN — The U.S. Department of the Treasury announced Wednesday that Cache Valley Banking Company of Logan has received $11.7 million through the Small Business Lending Fund to help small businesses access capital in order to promote job creation.
The SBLF — established as part of the Small Business Jobs Act — was created to encourage community banks to increase their lending to small businesses so those companies could expand their operations and create new jobs.
“This funding will help break down barriers to credit for small businesses so they can invest, expand, and create new jobs,” said Treasurer of the United States Rosie Rios. “Continuing to unlock access to capital for Main Street entrepreneurs is vital to strengthening economic growth and job creation in local communities across our country.”
According to a news release, small businesses employ roughly one-half of all Americans and account for about 60 percent of gross job creation. However, in the wake of the Great Recession, small business owners have faced disproportionate challenges, including difficulty in accessing capital.
The SBLF helps small businesses meet this challenge by providing capital to community banks that hold under $10 billion in assets, the release stated. 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.
For more information on the SBLF program, visit <http://www.treasury.gov/resource-center/sb-programs/Pages/Small-Business-Lending-Fund.aspx> and <http://www.treasury.gov/resource-center/sb-programs/Pages/sblf_transactions.aspx>.
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