Business & Tech
La Jolla Bank Receives Small Business Lending Funds
Silvergate Capital Corp. was awarded $12.4 million from the federal Small Business Lending Fund to increase lending to local businesses.
La Jolla-based community bank was one of three small California financial institutions given a combined $39.7 million last week from the federal Small Business Lending Fund to increase lending to small businesses. Silvergate Capital, with locations in La Jolla, La Mesa, Escondido and Lancaster, was awarded $12.4 million.
“These funds will provide critical support to main street community banks so they can expand their lending to small businesses,” said Deputy Secretary of the Treasury Neal Wolin. “This program helps entrepreneurs in communities across the country access the capital they need to grow their operations, invest in new equipment and hire additional workers.”
According to the Treasury Department, small businesses employ half of all Americans and account for 60 percent of gross job creation. However, owners of such companies often face challenges in getting loans, Treasury official said.
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City News Service contributed to this report.
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