WASHINGTON – The U.S. Department of the Treasury recently released a new report showing that Pennsylvania institutions receiving capital through the Small Business Lending Fund (SBLF) continue to increase their small business lending, in total by over $401.4 million over their baselines.

This Use of Funds report represents the sixth consecutive quarter in which SBLF participants have increased lending to small businesses and provides strong evidence that the SBLF program is working as intended. Across the country, SBLF participants have increased lending by $7.4 billion overall and $740 million over the prior quarter. Community banks participating in SBLF have also increased business lending by substantially greater amounts than a peer group of similar banks across median measures of size, geography, and loan type.

“Community banks participating in the Obama Administration’s Small Business Lending Fund have consistently increased small business lending over the past two years, resulting in increased access to capital for thousands of small and family-owned businesses across the country,” said Deputy Secretary of the Treasury Neal Wolin. “With the help of lending supported by SBLF, these small businesses continue to grow and create jobs in their neighborhoods.”