FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


U.S. Treasury Dept. Lauds NewBridge Bank for Lending in SSBCI Program

December 31, 2014, 08:00 AM
Filed Under: Banking

NewBridge Bank announced it has been recognized as one of the most active bank participants nationwide during the past two years in the U.S. Treasury Department's State Small Business Credit Initiative. Lending participants in SSBCI lending activities include some of the nation's largest financial institutions.

NewBridge Bank has made small business loans totaling more than $36.5 million since the initiative's inception in 2011, which ranks the bank as the fourth most active lender nationwide in the program. The ranking appears in the recently released Treasury Department SSBCI 2013 annual report. NewBridge Bank is also the most active bank participant in North Carolina, with its participation in State Small Business Programs supporting more than 1,200 North Carolina jobs.

"We are proud to be part of the SSBCI initiative that has created opportunities for many small businesses," said Ben Barbee, NewBridge Bank's senior vice president and senior credit officer. "Participating in SSBCI goes to the core of our guiding principles and has enabled us to further contribute to the growth and vitality of the communities we serve."

SSBCI, created as part of the Small Business Jobs Act, is a collaborative program through which the U.S. Treasury provides funding to the states to support small business lending and job creation. The State of North Carolina has contracted with the N.C. Rural Center to manage and deliver programs that help mitigate risk to private sector lenders enabling creditworthy borrowers to secure loans.

"We have been able to lend to small businesses and organizations ready to grow and provide jobs, but who may not qualify under traditional loan guidelines," Barbee said. "This collaborative effort with SSBCI has helped bridge the gap for many small businesses that would otherwise not be able to access capital."

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.