Maryland institutions have increased their lending to small business under a federal program by nearly $337.7 million since the low point of the recession, the U.S. Department of the Treasury announced Tuesday.
Nationally, banks raised their lending through the Small Business Lending Fund by $9 billion since the recession, the department said. The Treasury's initial survey of the program estimated that 38,000 additional loans have been made as of the end of last year. The program provides capital to institutions that, in turn, see the interest or dividends they pay for those funds reduced the more they lend to small businesses. Participating lenders must have less than $10 billion in assets.
Maryland community banks and community development loan funds participating in the program are Eagle Bancorp, Howard Bancorp in Ellicott City; Eagle Bancorp and Monument Bank, both of Bethesda; Tri-County Financial Corp. in Waldorf; and Enterprise Community Loan Fund Inc. of Columbia.