Bank puts $1M in rural loan fund

First State Bank has put $1 million into the Tennessee Rural Opportunity Fund.

The fund is a $10-million public/private fund that helps provide loans to rural residents throughout Tennessee "that do not have access to traditional financing," according to a press release from Barry Mathews at First State Bank.

"The Rural Opportunity Fund is an innovative financing resource to help small businesses in rural areas grow and create new jobs for Tennesseans," wrote Gov. Phil Bredesen in the release.

Seventeen Tennessee community banks have invested $7.95 million in the fund since its creation. It was designed in part to help small business owners obtain financing for new and existing businesses.

"We see our partnership in the Rural Opportunity Fund as a great way to positively impact our state's economy, create new jobs in areas that need it the most, and offer families the opportunity to achieve their personal and financial goals," wrote John Clark, president and CEO of First State.

First Bank in Lexington and Commercial Bank and Trust in Paris also have contributed to this year's funding.

For more information about the fund, call Clint Gwin or Hank Helton at (615) 254-6113 or visit http://www.sccapital.org/.