Small Business Lending Fund: How Small Businesses Can Work with the Treasury's (SBLF)

If you're a small business owner and you're looking for ways to grow by working with the government, the Small Business Lending Fund (SBLF) program might be a great opportunity for you. The government has made this program to help small businesses like yours get more support from banks, especially community banks and loan funds, that want to lend money to small companies.

Here’s how it works, explained in a simple way:

What is the SBLF?

The SBLF is a program created by the Treasury (the part of the government that deals with money) to help small businesses get loans. These loans come from community banks and Community Development Loan Funds (CDLFs). The idea is to give these banks and loan funds money so they can lend it to small businesses like yours.

When these banks or loan funds lend more money to small businesses, they get rewards like lower interest rates, so it’s a win-win. The banks are happy to give you a loan because it helps them too!

Why Should You Care?

If you're looking for ways to expand your business, buy new equipment, hire more staff, or grow in other ways, you might need some extra money to make it happen. The SBLF is a great place to start because:

• You’ll be dealing with community banks that specialize in helping small businesses.
• These banks are encouraged to lend to small businesses, so they want to work with you.
• You might get better loan terms, like lower interest rates, because the bank benefits from lending to you.

How Do You Start?

1. Look for Banks That Participate in the SBLF Program: These are banks that have received money from the government to lend specifically to small businesses. By working with these banks, you're more likely to get the loan you need because the government wants them to support businesses like yours.

2. Prepare Your Business Information: When you approach a bank, make sure you have everything ready to show them. You’ll need to share information about your business, what you want to use the loan for, and how much money you need. You’ll also want to have something called a capability statement, which is a fancy term for a document that explains what your business does, how successful you've been, and why you're a good investment.

3. Meet the Small Business Specialist: Every bank that participates in the SBLF has a Small Business Specialist whose job is to help businesses like yours. They can give you advice on how to apply for a loan and what steps to take.

4. Check Out Vendor Outreach Sessions: You can also attend sessions where you can meet people from the Treasury and banks. These sessions help you get information on what types of loans are available and how often banks lend to small businesses.

10 Banks with Large Capital Spending in the SBLF Program

Here are 10 banks that have participated in the SBLF program and have large capital available for small business lending:

1. Enterprise Financial Services Group, Inc. - Allison Park, PA
2. Medallion Bank - Salt Lake City, UT
3. Live Oak Banking Company - Wilmington, NC
4. The Bancorp Bank - Wilmington, DE
5. East West Bank - Pasadena, CA
6. Umpqua Bank - Roseburg, OR
7. First Financial Bank - Cincinnati, OH
8. New York Community Bank - Westbury, NY
9. Fulton Bank, N.A. - Lancaster, PA
10. Pacific Western Bank - Beverly Hills, CA

Conclusion

By working with these banks through the SBLF program, you’ll be in a great position to get the support you need to grow your business. Remember, the government set up this program specifically to help small businesses like yours succeed! All you need to do is reach out, be prepared, and make the most of the resources available to you.

Good luck, and here's to your business's growth!