Select Bank Receives Nearly $8 Million

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.

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  • by Anonymous Location: greenville on Aug 18, 2011 at 05:51 AM
    This is the best bank around.Been dealing with them now for over 3 years.You can get a loan quicker and easier here than any bank I have ever dealt with.No I was not paid to say this.Give them a try.
  • by Dawg on Aug 18, 2011 at 04:53 AM
    Okay, the goverment, now has the banks in their pockets. And in this economy, who in their right mind is going to borrow money, and what banks are going to lend it unless the people can prove they don't need it.
    • reply
      by Barlow on Aug 18, 2011 at 05:28 AM in reply to Dawg
      If the banks don't intend to lend the money, they shouldn't have it. I want my tax dollars to go towards creating jobs, not enriching some banker. Not willing to lend? give it back and the government can use it to pay down the defecit or SOMETHING besides paying bankers bonuses for nothing.
  • by Barlow Location: Winterville on Aug 18, 2011 at 02:41 AM
    Lets see if this bank can actually lend the money to the taxpayers it was given to BY the taxpayers. The big banks are setting on over a trillion dollars they refuse to loan. Small businesses aren't able to get loans so they don't hire.

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