Local Banks Increase Small Business Lending

A recent release shows that Georgia banks increased their small business lending by $22.6 million since receiving money through the Small Business Lending Fund.

As part of the Small Business Jobs Act that President Obama signed into law, the Small Business Lending Fund encourages community banks to increase their lending to small businesses to help them grow and create new jobs, according to a news release.

“This report shows that the Small Business Lending Fund is having a powerful impact,” said Deputy Secretary of the Treasury Neal Wolin.  “The program is helping spark new lending to local entrepreneurs looking to invest in their businesses and create new jobs.”

Nearly half of all employed Americans work at a small business, though small business owners face challenges in the recession and credit crisis.

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