Select Bank is North Carolina's first capital recipient from the U.S. Treasury Department's Small Business Lending Fund.
The bank, headquartered in Greenville, received a $7,645,000 capital investment from the program.
The SBLF encourages small business lending by providing capital to community banks at favorable rates. To incentivize these banks to lend more to small business owners, the dividend rate a bank pays would be reduced as it increases lending to small businesses.
Last year, Hagan cosponsored the $30 billion SBLF, which was included in the Small Business Jobs Act of 2010.
Select Bank & Trust is a community bank headquartered in Greenville, with additional branches in Elizabeth City and Washington.