Money from the Treasury Department’s Small Business Lending Fund is now in the hands of community banks.
Enacted into law as part of the Small Business Jobs Act, the Small Business Lending Fund (SBLF) is a $30 Billion fund that encourages lending to small businesses by providing Tier 1 capital to qualified community banks. Through the Small Business Lending Fund, Main Street banks and small businesses are working together to help create jobs and promote economic growth in local communities across the nation.
Six community banks around the country received $123 million in capital in the first round of funding provided by the fund. Banks with less than $10 billion in assets can apply for capital in the form of preferred stock. The interest rate paid by a bank to Treasury for the funds begin at 5% but can decline to as little as one percent if a bank increases its small business lending sufficiently.
A total of 925 institutions have applied for a total of $11.8 billion in Small Business Lending Fund Capital. These funds will help ensure that more Main Street entrepreneurs have the opportunity to expand their businesses, invest in their local communities and create new jobs.
NOTE From AMAGF: Those of you who are looking to obtain operating capital for:
Consolidation of Business Debt Partner Buyout Purchase Inventory/Business Equipment
General Business Expansion Franchise Purchase General Operating Capital
Real Estate Purchase (10% Down payment required)
NOW IS THE TIME TO ACT, the money has just been received, once this money is gone the incentive by these institutions to lend money because of the 85%-75% Government Guarantee will have an effect on timely funding of your capital.
Please contact your AMAGF, professional for additional details on how you can get your piece of the pie. Call 702-527-7777 x 201 (Pacific)
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AMAGF, is a Veteran Owned SBA Packaging & Placement Firm, who's main objective is to help Existing & Start Up Businesses obtain the funding needed in order to realize their dream, create better cash flow and give them the ability to hire more AMERICANS.