In The News

Deadline extended for banks to apply for small business lending

Tight lending conditions have forced many small-business truckers to put costly repairs or expansion plans to their trucking operations on hold until economic conditions improve.

Many OOIDA members say they are anxiously waiting to find out if their community banks will apply for funding through a new program designed to spur lending to small businesses.

While the original date was March 31 for community banks to apply for funding through the U.S. Treasury’s Small Business Lending Fund , that deadline now has been extended to May 16 to allow more community banks to apply.

Colleen Murray, spokeswoman for the U.S. Treasury, told Land Line on Wednesday, April 6, that more than 600 banks have applied for about $8.7 billion of the $30 billion in available funding.

The SBLF is targeted to community banks with $10 billion or less in assets that typically work with small businesses, including truckers. According to the SBLF website, “the dividend rate on SBLF funding will be reduced as a participating community bank increases its lending to small businesses.”

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