Geithner says small banks can apply for bailout money

[efoods]U.S. Treasury Secretary Timothy Geithner said funds from the Troubled Asset Relief Program will now be available to small and privately owned banks, according to numerous media reports Wednesday.

Geithner, speaking at a meeting of community bankers Wednesday, said banks with assets of less than $500 million will be able to apply for the funds, which had previously been reserved for larger banks.

About $109.6 billion of TARP funding remains, Geithner said. But he added that the Treasury Department will also use money from large investment banks that plan to repay their TARP allocations, according to MarketWatch.

This article was posted: Wednesday, May 13, 2009 at 2:42 pm

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