Small Business Finance News
California Bank To Take Advantage Of Small Business Jobs Act
Written by Jenna Weiner
Plaza Bank to fund $100 million in commercial loans
A bank in California is making news for small business owners thanks to the recently signed Small Business Jobs Act.
Plaza Bank, headquartered in Irvine, said that it would increase its focus on small businesses by funding $100 million in commercial loans. According to the bank, the new funding is a direct result of the legislation, which provides a $30 billion lending fund for banks around the country.
"In Southern California, we've seen a slow recovery thus far. We believe this act will help facilitate the speed of that recovery dramatically," says Robert Forsythe, chief banking officer at Plaza Bank. "The Federal government is giving us the tools and leverage to provide small business customers with far greater opportunity," continues Forsythe. "Fortunately, Orange County has consistently been a vibrant business community. This recent act will supplement its growth."
In addition to providing banks with added capital for lending, the small business bill also tackles other issues. Included was a $12 billion tax break for business owners around the country.
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