VG Bank gets $5 million for business loans

News August 24, 2011 0 Comments

by Jacqueline Weiss

Valley Green Bank will receive $5 million from the U.S. Department of the Treasury through its Small Business Lending Fund.

The SBLF helps small businesses meet the challenges that have come up in the aftermath of the recession by providing capital to community banks that hold under $10 billion in assets.

Valley Green Bank is one of four banks statewide to receive a total of $43 million from the fund. To date, including the most recent four banks to receive funding, nine Pennsylvania community banks have now received a total of $84.5 million in SBLF funds.

Jay Goldstein, president and CEO of Valley Green Bank, said the bank was “pleased to be selected to participate in this U.S. Treasury program.”

“This recognition,” he added,  “furthers our commitment to lending to the small business community.”

The SBLF is part of the Obama Administration’s agenda to help small businesses access the capital they need to invest and hire.

The State Small Business Credit Initiative (SSBCI), which is also a key part of the Small Business Jobs Act, allocates $1.5 billion to new and existing state programs that will leverage private financing to spur $15 billion in new lending to small businesses and manufacturers.

 

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