Published on April 9, 2012 by Cheyenne Hopkins, Bloomberg
Most banks in its Small Business Lending Fund increased loans by more than 10 percent, the U.S. Treasury Department reported.
Banks in the program boosted their small-business lending by $1.3 billion over the prior quarter and a majority of the participants increased it by 10 percent or more, according to a Treasury Department report issued to Congress today. Treasury also said 84 percent of participants increased their lending.
Treasury distributed more than $4 billion of its $30 billion for the program into 332 community banks nationwide with incentives for those institutions to make more loans to small businesses.
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