November 15, 2016
ServisFirst Bank Named a National Top 15 Lender of the Year in U.S. Treasury's Small Business Lending Program
National Annual Report Recognizes Top Small Business Lenders
Birmingham, AL -
ServisFirst Bank, a subsidiary of ServisFirst Bancshares, Inc. (NASDAQ: SFBS), has been recognized by the U.S. Treasury as one of the national Top 15 Lenders 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 35 loans totaling over $37 million to small businesses in 2015, with the support of SSBCI, and was the sole bank based in Alabama to receive recognition as a top small business lender.
“ServisFirst Bank is pleased to be a leading participant in the SSBCI loan guaranty program, which has directly benefited our small business clients and the communities in which they operate,” stated Tom Broughton, President and CEO of ServisFirst Bank.
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 2015, states reported that they had expended $1.04 billion in SSBCI funds which, in turn, supported over 16,900 private sector loans or investments to small businesses, totaling $8.4 billion. For more information about SSBCI, visit www.treasury.gov/ssbci .