Connecticut lenders have increased their small business lending by $85.1 million since receiving capital under a federal program meant to stimulate such lending, federal authorities say.
The U.S. Treasury said in a new report that Connecticut's share is among the more than $4 billion the Treasury has invested in 332 lenders in 48 states through the Small Business Lending Fund.
Nationwide, lenders participating in the SBLF significantly increased small business lending in the last quarter of 2011 by $1.3 billion over the prior quarter-for a total of $4.8 billion above their baseline,said Deputy Secretary of the Treasury Neal Wolin. Wolin is the former chief of Hartford Financial Services Group Inc.'s property-casualty business.
New Canaan's BNC Financial Group, Salisbury Bank and the Greater New Haven Community Loan Fund are among Connecticut's SBLF participants.
The program provides SBLF capital to community banks that hold under $10 billion in assets.
What they repay the Treasury for SBLF funding is reduced as the lender boosts its small business lending.