Banks to Get $30 Billion for Small Business Loans
(Businessweek) — During his last State of the Union, President Barack Obama trumpeted a new $30 billion fund designed to boost small business lending. At the time outstanding loans to small businesses had declined 5 percent, or nearly $36 billion, since 2008, according to data from bank regulatory filings known as call reports. They continued to drop through the first three quarters of 2010 by another 4 percent, some $30 billion. Now the money from the Small Business Lending Fund is about to start flowing, with investments expected to be made in the first quarter, according to Jason Tepperman, the Treasury program’s director.