The U.S. Department of Transportation’s Office of Small and Disadvantaged Business Utilization announced the addition of three new participating lenders in the Short Term Lending Program.
Under the program, DOT guarantees up to $750,000 in loans for eligible small and disadvantaged businesses. The loan guarantee provides a revolving line of credit for work on transportation-related contracts. Funds are used to meet the short term costs of performing the contract being financed.
The banks are Community Bank & Trust (CB&T), Sheboygan, Wis.; Zions Bank, Salt Lake City; and Virginia Commerce Bank, Chantilly, Va. For more information, go to www.osdbu.dot.gov/financial/stlp.cfm.
"Until a formal regulation is established with clear guidelines and borders ...