FOUR N.J. BANKS GET $25 MILLION FOR SMALL BIZ LENDING
By Ed Beeson/Star-Ledger
September 28, 2011
The U.S. Treasury announced today it doled out $25.6 million to four New Jersey community banks as part of an effort to drum up lending to small businesses.
Center Bancorp in Union netted $11.3 million; Highlands Bancorp in Vernon, got $6.9 million; Freedom Bank of Oradell received $4 million; and Harmony Bank in Jackson Township was given $3.5 million. The money is intended to help small businesses expand and create new jobs, according to the Treasury. The funding came through the Small Business Lending Fund, or SBLF, which provides capital to community banks holding less than $10 billion in assets. All told, nine community banks in the state have received a total of $73.1 million in funding through the program. Today’s announcement was for the final wave of the program.
“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,” Deputy Treasury Secretary Neal Wolin said in a statement. “These investments, which will help propel lending by Main Street banks, are good for our economy and good for America’s small businesses.”