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.

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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.

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