The Bank of New Canaan receives $11 million
The Bank of New Canaan was just one of 37 community banks around the country that received a total of $418 million dollars through the SBLF, which was created under the Small Business Jobs Act that President Barack Obama signed into law in September of 2010. The funds are given to encourage "community banks to increase their lending to small businesses, helping those companies expand their operations and create new jobs."
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Including today's announcement, the SBLF has give 80 banks more than $1 billion in funding.
"These funds will provide critical support to Main Street community banks so they can expand their lending to small businesses," said Deputy Secretary of the Treasury Neal S. Wolin. "This program helps entrepreneurs in communities across the country access the capital they need to grow their operations, invest in new equipment, and hire additional workers."
In addition to the Bank of New Canaan, SBT Bancorp, Inc. in Simsbury also received $9 million. The SBLF said they will be announcing more funding on a rolling basis over the course of the next several weeks.