- Infowars - http://www.infowars.com -
US Pumps $418 Million Into 37 Community Banks
Posted By aaron On August 20, 2011 @ 11:53 am In Economic Crisis,Old Infowars Posts Style | Comments Disabled
August 20, 2011
The Obama administration announced Wednesday that 37 community banks have received a total of $418 million in funds under a program designed to encourage local banks with less than $10 billion in assets to increase their lending to small businesses.
The $30 billion Small Business Lending Fund, established under the Small Business Jobs Act of 2010, so far has provided about $1 billion to 80 community banks, including the latest funding, the Treasury Department said.
It provides capital to community banks at favorable rates, so that the rate for a bank to repay the government investment is reduced as it increases lending to small businesses.
Article printed from Infowars: http://www.infowars.com
URL to article: http://www.infowars.com/us-pumps-418-million-into-37-community-banks/
Copyright © 2013 Infowars. All rights reserved.