Tuesday, January 10, 2012

Small Business Lending Fund Successful

The Small Business Lending Fund is working, according to a Treasury report delivered to Congress on Monday. The report noted that institutions participating in the SBLF have increased their lending to small businesses by $3.5 billion over their baseline lending.

Banks are lending the money received through the program to help small businesses. So far, 218 of 281 participating community banks (78%) have increased their small business lending. Moreover, a substantial majority of SLBF participants (more than 60%)have increased their small business lending by 10% or more. The report also indicates that the lending is widespread geographically, with 44 states reporting increased lending.

Read Treasury’s Report

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