A federal program aimed at increasing small business lending has boosted such loans in North Carolina by $205 million, according to a report from the U.S. Treasury.
Seven North Carolina banks and one Community Development Loan Fund participated in the federal Small Business Lending Fund program, a 2010 initiative that put $4 billion was put into 332 banks and community development loan funds in the U.S. The program has been criticized because $30 billion had been authorized, and a significant portion of the money was used to pay back bailout money in the Troubled Asset Relief Program.
Collectively, the North Carolina institutions have increased their business lending by 25 percent. Here's how each one did.
- Citizens South Banking Corp., now Park Sterling in Charlotte: Up 38 percent, to $163 million
- Premara Financial Inc., Charlotte: Up 1.2 percent, to $49.7 million.
- Providence Bank, Rocky Mount: Up 12 percent, to $33.6 million.
- First Bancorp, Troy: Up 12 percent, to $554 million.
- Select Bancorp Inc., Greenville: Up 60 percent, to $49 million.
- Union Bank and Trust Co., Oxford: Up 19 percent, to $46 million.
- Live Oak Bancshares Inc., Wilmington: Up 129 percent, to $123 million.
- Mountain BizCapital Inc., Asheville. Up 37 percent, to $2.5 million