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CFO Sink Supports New Small Business Lending Opportunities for Florida

2/2/2010

CONTACT: Kyra Jennings or Kevin Cate, (850) 413-2842
TALLAHASSEE— Continuing her work to provide Florida’s small businesses with the resources they need to survive and grow, Florida CFO Alex Sink today emphasized the need for Florida’s community banks to take advantage of the updated initiative announced by President Obama, which will provide $30 billion for small business lending.
 
“I have heard from small business owners across the state that their number one roadblock to creating jobs is access to credit, and I will continue to support efforts to give our small businesses these critical resources,” said CFO Sink.  “Over 90 percent of Florida’s businesses are small businesses, which is why it’s critical to our state’s economic recovery that our financial institutions – from our community banks to our top lenders -- use everything at their disposal to offer small businesses the loans they need.”
 
After the initial federal Small Business Lending Initiative was announced in November 2009, CFO Sink wrote to all 167 community banks in Florida, encouraging them to participate in the program to ensure more small business lending in Florida and help create jobs in the state.
 
CFO Sink also reached out to executives at the top 5 lenders in Florida (Bank of America, Wachovia/Wells Fargo, SunTrust, Regions, and BB&T) to inquire about their small business lending practices and received a report from Office of Financial Regulation Commissioner Tom Cardwell on small business lending activity in the state.