“These funds will provide critical support to Main Street community banks so they can expand their lending to small businesses,” said Deputy Secretary of the Treasury Neal S. Wolin. “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.”
"Growing up, I watched my parents and grandparents manage their New Orleans based businesses. They hired employees, made donations to the community, and delivered services that improved our neighborhoods," said Congressman Richmond. "In these tough times we need to empower small businesses to do the same. We're only going to get there, however, by assisting banks to loan to small businesses. Thankfully, the Small Business Lending Fund will help First NBC invest in our small businesses."
This SBLF funding for First NBC Bank Holding Company comes on the heels of the announcement yesterday that the Treasury Department approved Louisiana’s State Small Business Credit Initiative (SSBCI) application. Louisiana’s planned use of the SSBCI funds will help create new private sector jobs and spur more than $132 million in additional small-businesses lending in that state. The SSBCI program, which supports state-level, small-business lending programs, is also an important part of the Small Business Jobs Act. For more information on yesterday’s SSBCI announcement, please visit, link.
Small businesses play a critical role in the U.S. economy and are central to growth and job creation. Small businesses employ roughly one-half of all Americans and account for about 60 percent of gross job creation. But small business owners faced disproportionate challenges in the aftermath of the recession and credit crisis, including difficulty accessing capital.
The SBLF helps small businesses meet this challenge by providing capital to community banks that hold under $10 billion in assets. The dividend rate a community bank pays on SBLF funding is reduced as that bank increases its lending to small businesses – providing a strong incentive for new lending to small businesses so they can expand and create jobs. For more details on the SBLF program, please visit, link and link.
Attend a Meet And Mingle At the World Trade Center
Enjoy complimentary drinks and light fare as you mix and mingle with WTC members and others in the New Orleans professional community. For more information and to register for this event please click here
Today’s Snapshot shows that the Great Recession has been far worse for the job market. In fact, we have now been a full percentage point over that level for more than two years: the unemployment rate has been at or above 8.8% for the past 28 months.
New Orleans Chamber
On August 31st at the Hilton New Orleans Riverside, join the New Orleans Chamber of Commerce for our quarterly luncheon series New Orleans Chamber Presents. Each luncheon features in depth topical discussions on the latest developments for our city and state. Registration will begin at 11am and the program begins at Noon.
Our featured speakers will be Henry Coaxum of Coaxum Enterprises and Chairman of the NOLA Business Alliance and Mike Dawson of Jacobs Technology. They will discuss the economic impact of New Orleans East which boasts: 63,310 residents- 7th Largest Community in LA in population and Growing, 58% of residents are homeowners, higher than N.O., and Baton Rouge, Nearly 30% of households have incomes greater than $60,000, Home to Concentration of Quality Jobs: 47% of 13,000 jobs are middle to high wage, HUB of City's largest employers and technology jobs, $3.6 Billion invested in public and private improvements since 2005, and "500-Year" Protection- greater than other parts of metro area. Our MC for the afternoon is Susan Roesgen of WGNO.
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