Utah banks have increased their lending to small businesses by $126.1 million after receiving capital that was intended to spur startups and job growth, according to a statement from the U.S. Department of Treasury.
The Treasury invested more than $4 billion in 332 institutions nationwide, which raised small-business lending by $1.3 billion in the last quarter of 2011.
The money comes from the Small Business Lending Fund, a part of the Small Business Jobs Act that was recently signed into law by President Barack Obama.
“This report shows that the Small Business Lending Fund is having a powerful impact,” said Deputy Secretary of the Treasury Neal Wolin in a statement. “The program is helping spark new lending to local entrepreneurs looking to invest in their businesses and create new jobs.”
Banks that received Treasury investments in Utah include Cache Valley Banking Company, which saw an $11.7 million investment and Continental Bancorporation, which earned $4.7 million.
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