Wednesday, January 28, 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

Rental red flags

Own the process by knowing what to do before you need a loaner.

Haute hardscapes

Capturing the summer cottage market on northern Michigan’s lakeshore, Matt Esch and his team create high-end outdoor living spaces that garner industry attention.

John Deere unveils app center

The new app site for Deere equipment users is available on iTunes.

Real Green names new president

Don Brown took over the position from Joe Kucik, effective in December.

ServiceMaster announces new stock offering

The company has filed for 25 million more shares of common stock.

x