Five additional Massachusetts community banks received a total of $37.3 million as part of the final wave of funding provided through the U.S. Department of the Treasury’s Small Business Lending Fund (SBLF).
The SBLF, which was established as part of the Small Business Jobs Act that President Barack Obama signed into law, encourages community banks to increase their lending to small businesses, helping those companies expand their operations and create new jobs.
The Massachusetts community banks receiving funding as part of today’s announcement include the following.
• Hyde Park Bancorp Inc. (Hyde Park) — $18.7 million
• StonehamBank, A Co-operative Bank (Stoneham) — $13.8 million
• Boston Community Loan Fund Inc. (Roxbury) — $4.4 million
• Common Capital Inc. (Holyoke) — $200,000
• Capital Link Inc. (Boston) — $198,000
Overall, including today’s announcement, 12 Massachusetts community banks received a total of $95.3 million in SBLF funding. For a full list of Massachusetts community banks that received SBLF funding, click here.
"Billions of dollars in SBLF funds are now being put to use in communities all across the nation, spurring small business growth and job creation," said Deputy Secretary of the Treasury Neal S. Wolin. "These investments, which will help propel lending by Main Street banks, are good for our economy and good for America’s small businesses."
