January 04, 2016
ServisFirst Bank Recognized as Top User in U.S. Treasury’s Small Business Lending Program
Birmingham, AL -
ServisFirst Bank (NASDAQ: SFBS) has been recognized by the U.S. Treasury as one of the most active users in the State Small Business Credit Initiative (SSBCI) program. The program was created by the Small Business Jobs Act of 2010 to support private lending and investing in small businesses. ServisFirst Bank made 23 loans of $24,512,000 to small businesses in the last three years with the support of SSBCI.
The SSBCI program was designed to support small businesses that are creditworthy but cannot access the capital they need to expand and create jobs. The U.S. Treasury releases quarterly and annual reports to measure its success in supporting small businesses and encouraging job retention and creation. To view the current annual report, visit here.
“ServisFirst is proud to be involved in the SSBCI program,” stated Tom Broughton, President and CEO of ServisFirst Bank. “We believe supporting small businesses is one of the most important tasks we can undertake to ensure a positive economic climate for the future. ServisFirst will continue to participate in the program and help small businesses grow.”
ServisFirst Banks holds its headquarters in Birmingham, AL, and its involvement in the SSBCI program directly contributes to Alabama serving as one of the most active states in the SSBCI program. Alabama currently ranks eighth in the U.S. Treasury’s cumulative report.
For more information about ServisFirst Bank, please visit www.servisfirstbank.com.
The U.S. Treasury’s State Small Business Credit Initiative (SSBCI) was created by the Small Business Jobs Act of 2010 to support private lending and investing in small businesses. The program allows each State to design its own small business support programs in response to local economic conditions. SSBCI programs fall into five categories: Capital Access Programs, Loan Participation Programs, Collateral Support Programs, Loan Guarantee Programs, and Venture Capital Programs.
From 2011 through 2014, States reported that they had expended $864 million in SSBCI funds which, in turn, supported over 12,400 private sector loans or investments to small businesses totaling $6.4 billion. For more information about SSBCI, visit www.treasury.gov/ssbci.