Wednesday, April 11, 2012

N.C. banks in Treasury program increase small business lending $124 million

Seven North Carolina community banks participating in a U.S. Treasury program have increased their lending to small companies by $124.4 million so far, the Treasury said Wednesday.

The Small Business Lending Fund, created in mid-2010, put about$4 billion was put into 332 banks and community development loan funds around the country. Critics call it a flop since $30 billion was authorized. About half of it was used to pay off TARP.

North Carolina's seven banks have about $115 million in SBLF money outstanding. Before receiving the money, their small business lending totaled about $813 million. Now, it is at $937 million -- a 15 percent increase.

Here's how each bank has performed:
  • Citizens South Banking Corp., Gastonia: Up 16 percent, to $137 million
  • Premara Financial Inc., Charlotte: Down 0.1 percent, to $51 million.
  • Providence Bank, Rocky Mount: Up 18 percent, to $34 million.
  • First Bancorp, Troy: Up 3 percent, to $508 million.
  • Select Bancorp Inc., Greenville: Up 59 percent, to $46 million.
  • Union Bank and Trust Co., Oxford: Up 16 percent, to $45 million.
  • Live Oak Bancshares Inc., Wilmington: Up 117 percent, to $116 million.


Unknown said...

I am sure that financial support of the small business should be one of the most important priorities for the government. Needless to say that small business owners do a very useful job. They pay taxes and create new jobs better than our government do that. Futhermore, in conditions of today’s economy and global financial crisis it’s necessary to provide financial assistance for the entrepreneurs and those who are just going to start own business. Banks aren’t actually lend money these days and getting approved for a business loan isn’t easy. Unsecured lending options or instant payday loans can be expensive so it’s necessary to provide more of low-interest loans and people will be able to finance their businesses.