WASHINGTON (September 28, 2011)—Today, the U.S. Department of the Treasury announced that Tri-County Financial Corporation, of Waldorf, Charles County, received $20.0 million as part of the final wave of funding provided through the Small Business Lending Fund (SBLF). The SBLF was established as part of the Small Business Jobs Act that President Obama signed into law. According to a Treasury press release, the SBLF encourages community banks to increase their lending to small businesses, helping those companies expand their operations and create new jobs.
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 Americas small businesses.
The SBLF only provides capital to community banks that hold under $10 billion in assets.
In addition to Tri-County Financial Corp., Howard Bancorp, Inc., of Ellicott City, received $12.6 million and Enterprise Community Loan Fund, Inc., of Columbia, received $8.8 million as part of today's announcement.
In addition to the Maryland banks, 138 other community banks across the country have received a total of $1.6 billion as part of the final wave of funding.
Since the programs inception, five Maryland community banks have received a total of $109.3 million in SBLF funding. Overall, 332 community banks from across the nation have received a total of $4 billion.