Two Florida banks benefit from SBLF

11/18/2011

The federal Small Business Lending Fund was only able to disperse $4 billion of its allocated $30 billion, with a large portion of banks using the funds to repay Trouble Asset Relief Program debt.

However, the SBLF was able to make an impact on two Florida banks, accepting their applications during the fund's final wave of payments before the September 30 deadline, the News-Press reports.

Fort Myers-based FineMark National Bank & Trust received $5.7 million, while Encore National Bank of Naples obtained $5 million.

According to the latter's CEO Tom Ray, small business lending is the bank's "sweet spot." And it showed - the financial institution increased its loan portfolio from $22.5 million in June to more than $24 million by the end of September.

"We'd heard (Encore) was willing to loan when others weren't," loan recipient H.L. Burkley, owner of Bonita Springs-based Custom Closets & More, told the media outlet.

FineMark saw similar results, focusing its efforts on owner-occupied commercial, agriculture and industrial real estate. Its loan portfolio rose in those areas from just over $25 million to more than $44 million during the same time period.