Thinking Small Business: 80 Community Banks, $1 Billion for Small Business Lending

Last year, one of the no-brainers that the Republicans held up in the Senate for the longest amount of time was the Small Business Jobs Act that provided funding for community banks that increase their lending to small businesses within their communities. This is one of the smartest jobs initiatives imaginable: the money goes to help small community banks and credit unions, not big financial institutions, and the loans go to small businesses that hire, do business, and live in the communities.

News came this week that the Department of Treasury has so far given out $1 billion of the Small Business Loan Fund (SBLF) set up in the law to 80 community banks. And this is just the beginning. More funding announcements are coming in the weeks ahead on a "rolling basis," says Treasury. Here are the 37 small banks and communities that got the funds in the latest rollout:

View SBLF Funding Rollout 8-17-2011 in a larger map

If you prefer a list format, here it is:
  • Oak Valley Bancorp (Oakdale, California) -- $13.5 million
  • Silvergate Capital Corporation (La Jolla, California) -- $12.4 million
  • Summit State Bank (Santa Rosa, California) -- $13.8 million
  • BNC Financial Group, Inc. (New Canaan, Connecticut) -- $11.0 million
  • SBT Bancorp, Inc. (Simsbury, Connecticut) -- $9.0 million
  • Community Bank Delaware (Lewes, Delaware) -- $4.5 million
  • Bank of Central Florida (Lakeland, Florida) -- $7.0 million
  • Jefferson Bank of Florida (Oldsmar, Florida) -- $3.4 million
  • Community Illinois Corporation (Rock Falls, Illinois) -- $4.5 million
  • Tri-County Financial Group, Inc. (Mendota, Illinois) -- $20.0 million
  • First Savings Financial Group, Inc. (Clarksville, Indiana) -- $17.1 million
  • Equity Bancshares, Inc. (Wichita, Kansas) -- $16.4 million
  • UBT Bancshares, Inc. (Marysville, Kansas) -- $16.5 million
  • First NBC Bank Holding Company (New Orleans, Louisiana) -- $37.9 million
  • Island Bancorp, Inc. (Edgartown, Massachusetts) -- $4.0 million
  • Mercantile Capital Corporation (Boston, Massachusetts) -- $7.0 million
  • New England Bancorp, Inc. (Hyannis, Massachusetts) -- $4.0 million
  • Rockport National Bancorp, Inc. (Rockport, Massachusetts) -- $3.0 million
  • Monument Bank (Bethesda, Maryland) -- $11.4 million
  • Crestmark Bancorp, Inc. (Troy, Michigan) -- $8.3 million
  • Select Bancorp, Inc. (Greenville, North Carolina) -- $7.6 million
  • Community Partners Bancorp (Middletown, New Jersey) -- $12.0 million
  • Kinderhook Bank Corp. (Kinderhook, New York) -- $7.0 million
  • AmeriServ Financial, Inc. (Johnstown, Pennsylvania) -- $21.0 million
  • DNB Financial Corporation (Dowingtown, Pennsylvania) -- $13.0 million
  • Jonestown Bank and Trust Company (Jonestown, Pennsylvania) -- $4.0 million
  • Valley Green Bank (Philadelphia, Pennsylvania) -- $5.0 million
  • Carroll Financial Services, Inc. (Huntingdon, Tennessee) -- $3.0 million
  • Evolve Bancorp, Inc. (Cordova, Tennessee) -- $4.7 million
  • Independent Holdings, Inc. (Memphis, Tennessee) -- $34.9 million
  • SmartFinancial, Inc. (Pigeon Forge, Tennessee) -- $12.0 million
  • McLaughlin Bancshares, Inc. (Ralls, Texas) -- $6.6 million
  • Third Coast Bank SSB (Humble, Texas) -- $8.7 million
  • Heritage Bankshares, Inc. (Norfolk, Virginia) -- $7.8 million
  • WashingtonFirst Bankshares, Inc. (Reston, Virginia) -- $17.8 million
  • Peoples Bancorp (Lynden, Washington) -- $18.0 million
  • Puget Sound Bank (Bellevue, Washington) -- $9.9 million
A full list of awardees so far, by date of announcement, is available here.

The Jobs Act, in addition to providing a $35 billion in total in the small business lending fund, which is beginning its rollout now, it delivers $50 billion in tax cuts to small businesses, targeted for job creation, for example, full write off for equipment purchased. Other Small Business Administration loans have put $42 billion in small business to hire.

Bit by bit, piece by piece, President Obama and his administration keeps doing everything they possibly can to rebuild our economy from the utter shambles that George Bush and his cronies left it in when President Obama came to office. And they are having to do this while Congress fritters and Republicans do everything possible to put up a GOP jobs blockade.

Recently a poll showed that the ratings for the President's handling of the economy is down. Of course, neither pollsters nor the media point out the actions this President continues to take to try to rebuild our economy: like this small business loans, like the payroll tax cut that gave the working poor the first federal tax cut in a very long time, like protecting unemployment benefits, like unprecedented investments in green energy and fuel efficiency. The polls are the polls, but what about an informed electorate? Who's informing the people? Yet another example of a spectacular Media-Fail.

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