Select Bancorp gets SBLF dollars

Published 1:06 am Wednesday, August 24, 2011

Select Bancorp Inc. has received $7.6 million through the Small Business Lending Fund.

The SBLF, which was established as part of the Small Business Jobs Act that President Barack Obama signed into law, encourages community banks to increase their lending to small businesses, helping those companies expand their operations and create new jobs.

“These funds will provide critical support to Main Street community banks so they can expand their lending to small businesses,” said Neal S. Wolin, deputy secretary of the U.S. Treasury. “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.”