Red Oak Blog
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Congress passes small business lending bill
Now here is something that could help spur growth in the economy.
The Senate and the House of Representatives have passed the small business lending bill. The legislation, among other things, creates a $30 billion fund to provide capital for banks with assets under $10 billion to increase their small business lending. …. the U.S. Treasury Department is expected to begin working with regulators within a week to develop the program’s term sheet and application. The bill also includes provisions that increase the Small Business Administration 7(a) guarantee program’s maximum loan size from $2 million to $5 million, and provide $505 million to maintain its temporary 90% loan guarantee.
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