Federal Small Biz Lending Program Increases Mass. Loans
A federal lending program launched by the Small Business Jobs Act of 2010 has led to a $121-million increase in loans to Massachusetts-based small businesses. That's according to a report from the U.S. Department of the Treasury, which oversees the program.
The fund encourages loans of $10 million or less to business with $50 million or less in revenue. Banks and funds participating in the program have less than $10 billion in assets.
The fund provided $4 billion to 332 community banks, including 13 in Massachusetts. None of the banks in Massachusetts are located in Central Massachusetts, according to the Treasury website.
However, some Central Massachusetts banks are participating in a small business banking partnership coordinated by State Treasurer Steven Grossman, under which the state has moved more than $100 million in deposits to Massachusetts banks to spur lending.
A Worcester Business Journal analysis of small business lending in Central Massachusetts found that small business loans increased 16 percent between 2008 and 2011, while such loans fell nationally.
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