Courtney encourages local small businesses, banks to participate in Urbank lending program
WASHINGTON, DC – At Rockville Bank in Enfield, Congressman Joe Courtney today highlighted the bank’s participation in Connecticut’s Capital Access Program (CAP), or Urbank, and encouraged small businesses to participate in the lending program. Urbank, which allows community banks to extend greater credit to small businesses, is supported by the State Small Business Credit Initiative (SSBCI) as part of the Small Business Jobs Act of 2010.
“As our economy continues to rebound, ensuring that small businesses have access to capital and the tools they need to grow is critical,” said Congressman Courtney. “This is an excellent public-private lending partnership, and I am pleased to see it in use at Rockville Bank. Lending institutions receive additional capital for their loan-loss reserve fund, and that investment translates into more opportunities for small businesses to create jobs as we continue our economic recovery, neighborhood by neighborhood.”
Last month, the Obama administration announced the approval of $13.3 million in federal SSBCI funds for Connecticut, which are expected to generate more than $133 million in new small business lending. Urbank will use these funds to provide loan portfolio insurance to encourage private financial institutions like Rockville Bank to lend to creditworthy small businesses. In the 19 years it has been administered, Urbank has created and supported 6,120 jobs.
"Participating with the Connecticut Development Authority's Urbank Program provides Rockville Bank with more tools and options to make credit available to the small businesses in our communities", said Mark Kucia, Senior Vice President, Commercial Banking Officer, Rockville Bank.
"The Urbank program is a great example of a public and private sector partnership which helps small businesses launch or to grow, strengthening our local economies”, said William H. W. Crawford, IV, Incoming President & Chief Executive Officer, Rockville Bank.
Rockville Bank is a 21½-branch community bank serving Tolland, Hartford and New London counties in Connecticut, including branches in Colchester, Coventry, East Windsor, Ellington, Enfield, Glastonbury, Manchester, Rockville, Somers, South Glastonbury, and South Windsor.