10th Anniversary Of Small Biz Lending Program Celebrated

10th Anniversary Of Small Biz Lending Program Celebrated

By Doug Caverly – Mon, 08/23/2010 – 2:30pm.

$195 million to 468 firms for sake of 5,308 jobs

About ten years ago, a small business lending program called Banking on Business launched, and now, the Federal Home Loan Bank of Pittsburgh (abbreviated FHLBank) has taken stock of what it’s accomplished.  The biggest matter: at least 5,000 people who might otherwise be unemployed have jobs.

FHLBank explained in a statement that the initiative “has provided $195 million in financing to 468 businesses across Delaware, Pennsylvania and West Virginia over the past ten years, creating or retaining 5,308 jobs.”

That’s an impressive accomplishment, since even if the counts were off by half, a whole lot of businesses and individuals received help.

The program has apparently accomplished enough to warrant a congressman’s appearance, too, as Pennsylvania’s Paul E. Kanjorski showed up at a small event.

Kanjorski said, “I am delighted to honor the community lenders who have helped many small businesses to get off the ground, grow, and succeed.  Since its inception, the Banking On Business initiative has, at no cost to taxpayers, created thousands of jobs in the region and assisted hundreds of small businesses to strengthen our local economy.”

Let’s hope many of the banking programs that are starting to get off the ground as we come out of the recession have similar effects.

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