Community Bank Delaware lends nearly $6 million to small businesses through Small Business Lending Fund
Nov 21 2011
LEWES, DE – Today, Sens. Tom Carper and Chris Coons and Congressman John Carney (all D-Del.) commended Community Bank Delaware's success in providing small business loans through their participation in the Small Business Lending Fund (SBLF). The SBLF, which was established as part of the Small Business Jobs Act that President Obama signed into law in 2010, encourages community banks to increase their lending to small businesses, helping those small businesses expand their operations and create new jobs.
"Small businesses are essential to the American economy, providing jobs and services," said Sen. Carper. "Over the last few years, it's been challenging for small business owners to find affordable access to capital. This federal funding will help Community Bank Delaware extend much needed credit to Delaware small businesses. If we want our economy to continue to recover, we have to help small businesses succeed. The Small Business Lending Fund helps bolster our small businesses and ultimately that will help all Americans."
"Small businesses have to be successful and create jobs for the U.S. economy to grow stronger," said Congressman Carney. "Seventy percent of the new jobs created nationwide are due to small business growth. The SBLF is an effective tool to help small business owners get access to affordable credit, and Community Bank Delaware has worked hard to get these resources into the community. I thank them for their efforts and encourage small business owners to consider this incentive when looking to expand."
"The economic recovery of our state and nation is directly related to the strength of our small businesses," said Sen. Coons. "When we empower our small business owners to grow, we're helping them to put more of our neighbors back to work. The Small Business Lending Fund is a terrific tool for helping Community Bank Delaware extend the credit our small businesses need to grow."
"Small Business Lending Fund is a great tool for Community Bank," said Lynda Messick, president and CEO, Community Bank Delaware. "It has provided our own small business- which is Community Bank Delaware – capital that enables us to leverage this $4.5 million into much more in needed loans to small businesses right here in Delaware. And, as our bank succeeds, we can further expand our small business and consumer lending to serve and foster further successes in our community."
The SBLF helps small businesses meet their needs 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.