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ICBA Supports Administration’s Small Business Lending Fund

Community Banks Stable and Secure Vehicle for Lending to Small Businesses

Washington, D.C. (February 2, 2010)-The Independent Community Bankers of America (ICBA) released this statement following President Obama's call to Congress to establish a small business lending fund.

"ICBA is strongly supportive of the proposal announced today by the President and Treasury to further stimulate lending to the small business sector through community banks, which already make nearly half of all small business loans. Even during these challenging times, our nation's nearly 8,000 community banks remain committed to serving their local small business customers, which are pivotal to our country's economic recovery. This new $30 billion small business lending fund would help small businesses fuel local job creation and economic stability. In fact, every dollar of capital that goes into community banks has the potential to be leveraged eight to ten times—a substantial and positive impact for both small businesses and our communities. ICBA will work closely with both Congress and the Administration on these and other initiatives that can benefit community banks and Main Street America."

For more information, visit www.icba.org.