WASHINGTON, Sept. 1 (UPI) -- The U.S. Treasury Department announced 50 more banks received $767 million from the Small Business Lending Fund to increase loans to small businesses.
The latest additions raise to 130 the number of banks that received a total of $1.8 billion in loans, the department said in a news release.
The fund was established as part of the Small Business Jobs Act President Barack Obama signed into law.
"These funds will provide a powerful incentive for community banks to expand their lending to small businesses, spurring new investment and job creation," Deputy Treasury Secretary Neal S. Wolin said in the release.
"Breaking down barriers to credit will provide critical support to Main Street entrepreneurs looking to invest in their local communities, grow their businesses and put more Americans back to work."
The SBLF provides money to community banks with less than $10 billion in assets.
The Treasury Department said it will announce more banks that will receive SBLF funds in the coming weeks.