Sunday, April 19, 2015

Home News Treasury Report Shows Drop In Small-Business Loans

Treasury Report Shows Drop In Small-Business Loans

Business Management

Nine of the largest banks to receive money through the government's $700 billion financial market rescue program cut back lending to small businesses in January

| March 18, 2010

WASHINGTON — Nine of the largest banks to receive money through the government's $700 billion financial market rescue program cut back lending to small businesses in January, the Dow Jones Newswire reports.

The total volume of small-business loans outstanding at the banks fell 1% in January, the U.S. Treasury said in a report released late Monday. New loan originations for small businesses dropped 28%.

Meanwhile, total average loan balances at the institutions rose 2% to $1.064 trillion in January. Overall new loan originations were down 35%.

The Treasury attributes much of January's fall in overall originations to sharply higher new lending activity in the previous two months.

The drop in small-business lending comes as the Obama administration and federal banking regulators are pushing for a revival in small-business lending. President Barack Obama has proposed shifting $30 billion from the $700 billion Troubled Asset Relief Program, or TARP, to a new small-business lending fund. The details of how that fund would operate have yet to emerge.

Source: Dow Jones Newswire

Top news

Mosquito Joe sees 100 percent increase

The company opened 11 units and signed 16 agreements to expand to 30 territories.

New equipment and facility for Caterpillar

The products were on display at the company’s newest production facility.

A.M. Leonard announces expansion

The investment will double greenhouse film capabilities.

Wheelchair-bound man receives new snow blower

Ariens replaced Kellermeier's older model after a photo of him went viral on Facebook.

H-2B receives extension

The Department of Labor will continue processing applications through May 15.

x