(The Grio) — A measure creating a $30 billion fund to help community banks increase lending to small businesses overcame a Republican filibuster Tuesday night in the Senate. Democrats projected that banks would use the fund to leverage up to $300 billion in loans to small businesses, helping to loosen tight credit markets. The measure, supported by President Barack Obama, will be added to a bill providing a series of tax breaks aimed at small businesses, which could come up for a vote in the Senate next week. The House approved a similar lending fund in June.
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