Banks get U.S. funds for loansThe U.S. Department of the Treasury’s Small Business Lending Fund this year has released funding for small Tennessee banks. Treasury officials say the capital is intended to increase lending to small businesses and help them expand operations and create jobs. Tennessee banks that received funding since Aug. 1, 2011, include:Avenue Financial Holdings Inc., Nashville; $19 millionCarroll Financial Services Inc., Huntingdon; $3 millionCapitalMark Bank & Trust, Chattanooga; $18.2 millionCommunity First Bancshares Inc., Union City; $30.9 millionEvolve Bancorp Inc., Cordova; $4.7 millionFranklin Financial Network Inc., Franklin; $10 millionIndependent Holdings Inc., Memphis; $34.9 millionInsCorp Inc., Nashville; $3 millionLandmark Community Bank, Collierville; $8 millionMerchants and Planters Bancshares Inc., Bolivar; $2 millionMagna Bank, Memphis; $18.4 millionMoneytree Corp., Lenoir City; $10 millionPlanters Financial Group Inc., Clarksville; $22 millionSequatchie Valley Bancshares Inc., Dunlap; $5 millionSmartFinancial Inc., Pigeon Forge; $12 millionSouthern Heritage Bancshares Inc., Cleveland; $5.1 millionSumner Bank & Trust, Gallatin; $4.3 millionSource: U.S. Department of the Treasury
Banks in Southeast Tennessee were among 17 lenders across the state to get a chunk of billions in funding from the U.S. Department of the Treasury’s Small Business Lending Fund aimed at boosting small business lending and creating jobs.
Since early August, Chattanooga’s CapitalMark Bank & Trust, Dunlap’s Citizens Tri-County Bank and Southern Heritage Bank in Cleveland divvied up $28.3 million in a loan pool released in mid-September, officials said.
In Cleveland, Southern Heritage Bank President and CEO Lee Stewart said the $5.1 million in capital the bank got will produce three times that amount in small-business loans.
“We do intend to do our best to increase our small business lending,” Stewart said. Southern Heritage Bank is held by the company, Southern Heritage Bancshares Inc.