Community Banks in Philadelphia, Pittsburgh, Lancaster, Exton, Limerick and Greensburg to Receive Funds
WASHINGTON, DC- U.S. Senator Bob Casey (D-PA) today announced that seven Pennsylvania community banks received over $24 million through the U.S Treasury Department’s Small Business Lending Fund (SBLF) to help small businesses access capital and create jobs.
“All across Pennsylvania, small business owners are telling me that they want to expand and create jobs,” said Senator Casey. “These funds will help small businesses get the resources they need to put people back to work and move Pennsylvania’s economy forward.”
Pennsylvania community banks have received over $190 million through the SBLF program.
The Pennsylvania community banks receiving funding as part of today’s announcement include:
- The Reinvestment Fund, Inc. (Philadelphia, PA) -- $11.7 million
- First Resource Bank (Exton, PA) -- $5.1 million
- The Victory Bancorp, Inc. (Limerick, PA) -- $3.4 million
- Bridgeway Capital, Inc. (Pittsburgh, PA) -- $1.8 million
- The Progress Fund (Greensburg, PA) -- $1.1 million
- Community First Fund (Lancaster, PA) -- $862,000
- Northside Community Development Fund (Pittsburgh, PA) -- $250,000
There are over 275,000 small businesses in Pennsylvania that employ over 3.2 million people.
Senator Casey wrote letters of support for three loans announced today, including The Progress Fund in Greensburg as well as Bridgeway Capital, Inc. and the Northside Community Development Fund in Pittsburgh.
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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