North Carolina's small businesses have received a boost of $290.8 million in loans thanks to a federal program designed to increase lending to such businesses, the U.S. Treasury Department reported Wednesday.
The Small Business Lending Fund, created by the Small Business Jobs Act of 2010, provides capital to community banks and community development loan funds with less than $10 billion in assets apiece.
According to the Treasury Department, participating U.S. banks have boosted lending by $8.9 billion since the program began.
The $290.8 million increase in lending by North Carolina institutions is through Dec. 31. So far, the Treasury Department said, it has provided $115.1 million to seven North Carolina banks and $197,000 to one North Carolina CDLF.
Here's a look at small-business lending, as of Dec. 31, by North Carolina institutions and by how much it has increased under the program:
- First Bancorp, of Troy: $569 million, up 15.5 percent.
- Live Oak Bancshares, of Wilmington: $181 million, up $238.9 percent.
- Park Sterling Corp., of Charlotte: $389 million, up 11.1 percent.
- Premara Financial, of Charlotte: $56 million, up 15.7 percent.
- Providence Bank, of Rocky Mount: $37 million, up 25 percent.
- Select Bancorp, of Greenville: $51 million, up 67.7 percent.
- Union Bank & Trust Co., of Oxford: $49 million, up 26.9 percent.