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Santa Barbara County Based Bank Gets Federal Boost To Help Small Businesses

Posted on Thursday, September 29, 2011 12:06am

A Santa Barbara based bank is among 30 small community banks around the state to get funding intended to help make more small business loans available.

The Bank of Santa Barbara will get $1.9 million dollars from the U.S. Department of the Treasury’s Small Business Lending Fund.

The $275 million dollar fund provides capital to small banks, so they can in turn help small businesses start, and grow.

The program comes with incentives for banks to use the funding, by reducing the dividend rate the bank pays as its increases its small business lending.

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