Small Business Finance News
Holtmeyer & Monson Hands Out Funds To Community Banks
Written by Jenna Weiner
Group will give more than 400 banks new funding
A major loan provider recently made news for small business after it announced that it would funnel new dollars into community banks throughout the country.
Holtmeyer & Monson, which specializes in SBA lending services, said recently that it would be helping more than 400 community banks take advantage of new loans at favorable rates. The lender said that it was able to increase the amount it could loan thanks in part to the recently enacted Small Business Jobs & Credit Act.
Community banks throughout the country were overjoyed with the prospect of the new capital.
"We had the honor of being recognized as Tennessee SBA Community Bank of the Year, Top Dollar for 2009 and attribute that success in part to our partnership with Holtmeyer & Monson," said Brad Hailey, president of Brighton Bank. "The company provides the comprehensive services we need to help our customers and participate in SBA lending - and we're clearly profiting. We added 33 percent of our normal earnings to our bottom line last year."
The Small Business Jobs Act of 2010, signed into law in late September by President Barack Obama, has a wide variety of initiatives which seek to help small businesses gain access to capital. Among the most highly touted are the SBA Enhanced Loan Provisions, which will provide $14 billion in lending until the end of the year.
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