WASHINGTON - The 21 largest banks receiving government money will now have to report monthly on their small business lending. The Obama administration made this announcement today as part of a package aimed at boosting the credit available to struggling small business owners.
All other banks receiving money will have to report quarterly. The package also includes $730 million from the stimulus plan to reduce small-business lending fees and to increase the government guarantee on some Small Business Administration loans.
The White House figures that making loans available to small businesses will help gain popularity for the bailout program.
No comments:
Post a Comment