Reston Bank Gets Big Infusion From US Treasury Program

Washington First Bankshares of Reston has received $17.8 million from the US Government's Small Business Lending Fund (SBLF).

The SBLF was established as part of the Small Business Jobs Act signed by President Barack Obama.  It encourages community banks to increase their lending to small businesses, helping those companies expand their operations and create new jobs.      

 “These funds will provide critical support to Main Street community banks so they can expand their lending to small businesses,” Deputy Secretary of the Treasury Neal S. Wolin said in a statement. “This program helps entrepreneurs in communities across the country access the capital they need to grow their operations, invest in new equipment, and hire additional workers.”  

 To date four Virginia community banks have now received a total of $44.9 million in SBLF funding. For a full list of community banks that have received SBLF funding, click here.

Meanwhile, Reston-based Access National Corp, declined  $28 million from the same fund.

 The company, which owns Access National Bank (Nasdaq: ANCX), was approved July 19 for the funds, but  “our bank would be penalized for being the dominant provider of SBA loans in our marketplace, the very constituency the fund was advertised to serve,”  CEO Mike Clarke said in a statement.  

The bank says it has enough capital to meet lending demand without  the Treasury department funds.