The Detroit Lakes-based Midwest Minnesota Community Development Corp.has received $4.6 million in small business loan funding from the U.S. Treasury.
The SBLF is a $30 billion fund created through the Small Business Jobs Act, which was signed by President Barack Obama last year to foster lending that can spur growth and job creation.
Its funds are available to community banks with less than $10 billion in assets.
Others in Minnesota that divided the $20.6 million in small busines s loan funding are:
- Community Reinvestment Fund Inc., Minneapolis, $5.1 million.
- Platinum Bancorp Inc., Oakdale, $4.5 million.
- Nonprofits Assistance Fund, Minneapolis, $686,000.
- Heritage Bancshares Group Inc., Willmar, $11 million.
The funds provide incentives for small business lending by reducing bank costs as they make more loans.
