WASHINGTON — The Treasury Department announced a new round of investments Wednesday as part of a program to encourage community banks to make small business loans.
The Small Business Lending Fund has attracted 17 more institutions nationwide that will receive capital from the fund, totaling $214 million. The largest investment was a $56 million infusion for the $2.2 billion-asset Eagle Bancorp Inc. in Bethesda, Md.
With the 17 new participants, 23 community banks are now participating in the fund, receiving a total of $337 million. More investments will be announced in the coming weeks, Treasury said.
"This funding will help break down barriers to credit for small businesses so they can invest, expand and create jobs," Rosie Rios, Treasurer of the United States, said in a press release. "Continuing to unlock access to capital for Main Street entrepreneurs is vital to strengthening economic growth and job creation in local communities across our country."
