Two River Community Bank in Middletown, New Jersey, says it has formed an SBA lending division to help support new small business formation and job growth.
“This program will allow us to continue to help local businesses in these difficult times,” said William D. Moss, president and CEO of Two River Community Bank. “Small and medium-sized businesses are the backbone of our economy, and the sooner we can get Main Street back to normal, the faster the general economy will return as well.”
Moss added that while the bank’s traditional loan programs have continued to lend during the economic recession, the company feels that opening an SBA lending division will enable it to continue its strong lending with less financial risk.
Lenders have become increasingly dependent on SBA-backed loans since the stimulus act allowed the agency to guarantee up to 90 percent of loans – making them more available to entrepreneurs without significant collateral for a bank loan. CNN reports the SBA has directly or indirectly helped more than 20 million businesses.