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Financial institutions increase lending

Published July 10. 2013 4:00AM

Connecticut financial institutions, led by community banks, have increased business lending by nearly $160 million since the depths of the Great Recession, a new report issued by the U.S. Department of Treasury said Tuesday.

The report on companies receiving capital through the federal Small Business Lending Fund indicated that in the first quarter alone, small businesses received an extra $28.6 million compared with recession lending levels.

The SBLF program, established as part of the Small Business Jobs Act of 2010, encourages community banks to increase lending to small businesses. Treasury invested more than $4 billion in 332 institutions through the program.

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