Franklin, TN - September 29, 2011 - Franklin Financial Network, parent of Franklin Synergy Bank has received $10 million in Small Business Lending Fund (SBLF) capital. Enacted into law as part of the Small Business Jobs Act of 2010, the SBLF is a $30 billion fund that encourages lending to small businesses by providing capital to the nation’s strongest community banks. The SBLF is administered by the U.S. Department of the Treasury.
Franklin Synergy Bank Awarded Small Business Lending Fund Capital
According to the Federal Reserve Board, small businesses employ approximately 50% of all Americans and account for about 60% of all job creation in the US. SBLF capital was made available only to well-run, well-capitalized banks; it is not capital targeted to fixing problem banks.
"This is positive news for our bank and for our community. Small businesses are the engines of economic growth and they require access to capital in order to grow," commented Franklin Synergy Bank President Richard Herrington.
"With 21% of our workforce classified as entrepreneurs and over 1200 new business licenses filed last year in Williamson County, we are thrilled that Franklin Synergy Bank has been awarded SBLF capital," said Matt Largen, director of the Williamson County Office of Economic Development. "Promoting and supporting a culture of entrepreneurship provides long-term stability for an economy. The entrepreneurs of today truly do have the potential to be the large, sustainable employers of tomorrow."
"Franklin Synergy Bank has long partnered with small business to help strengthen our community and local economy," said Richard Herrington, president of Franklin Synergy Bank. "The SBLF is a worthwhile program intended only for the nation’s healthiest banks and we’re thrilled to be one of a handful of banks in the region to have been approved and funded under the SBLF program."
The SBLF selection caps a phenomenal year for Franklin Synergy. Just over a year ago the bank opened a new headquarter operation in Downtown Franklin. More recently, the bank added Jerry Woods, a Small Business Administration expert to its family of community bankers and opened an Investment Management Division, headed by David McDaniel, with full service financial planning available to bank customers.
Franklin Synergy Bank opened its first branch in November 2007 in Cool Springs and earned its first profit in the first quarter of 2009. The bank reached $100 million in deposits in October 2008, the same month Franklin Synergy opened a branch in the Bennett House in downtown Franklin. The bank reached $200 million in deposits in July of 2009 and topped $300 million in December 2010. A new Downtown Franklin headquarters and branch opened on Columbia Avenue on May 17, 2010 (the Bennett House branch was closed). An office in Brentwood opened in January 2011. In addition, Franklin Synergy operates a mortgage office in Synergy Business Park in Brentwood. Franklin Synergy Investment Management, a division of Franklin Synergy Bank offering financial planning opened in September 2011. Additional information about Franklin Synergy is available at the bank’s website: www.franklinsynergybank.com.