Elgin Bank Receives $6.1 Million for Small Business Loans

Six Illinois community banks received $37.9 million as part of the Small Business Lending Fund to help small businesses access capital and create new jobs.

Posted Fri, Sep 16, 2011 at 1:27 pm CT|Updated Fri, Sep 16, 2011 at 6:28 pm CT

This week, the U.S. Department of the Treasury announced that First Community Financial Corporation in Elgin received $6.1 million as part of the next wave of funding provided through the Small Business Lending Fund.

The Small Business Lending Fund, which was established as part of the Small Business Jobs Act that President Barack Obama signed into law, encourages community banks to increase their lending to small businesses, helping those companies expand their operations and create new jobs.

This week six Illinois community banks received a total of $37.9 million.

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