Brandon's Platinum Bank To Receive $13.8 Million for Small Business Loans

Platinum Bank of Brandon got a piece of the pie that allows for more small business loans in communities nationwide.

The U.S. Department of the Treasury announced today, Sept. 28, that an additional 141 community banks had been selected to receive more than $1.6 billion as part of the seventh and final wave of funding through the Small Business Lending Fund (SBLF).

Together with previous waves, the latest announcement accounts for a collective $4 billion going out to 332 banks nationwide, according to a Sept. 28 news report from the U.S. Department of the Treasury.

The fund was established under the Small Business Jobs Act aimed to encourage “community banks to increase their lending to small businesses” in hopes this will help “those companies expand their operations and create new jobs.”

, at 802 West Lumsden Road, is earmarked to receive $13.8 million in the current round of funding. It joins seven other banks in the state of Florida to receive funds, including Florida Business BancGroup Inc. of Tampa ($15.4 million), Community Southern Bank of Lakeland ($5.7 million), Ovation Holdings Inc. ($5 million) and Florida Community Bankshares Inc. of Ocala ($17 million).

Also named to receive funds in Florida are FineMark Holdings Inc. of Fort Myers ($5.7 millino), First Green Bank of Eustis ($4.7 million) and Marqui Bank of North Miami Beach ($3.5 million).

Details of the program, and the additional bank recipients, are noted in the online press release.