A comprehensive summary of the Obama Administration’s just-announced “Small Business Lending Fund” program that would recycle TARP funds to help banks with $1 billion to $10 billion in assets lend to small businesses is available online at http://www.whitehouse.gov/the-press-office/president-obama-outlines-new-small-business-lending-fund.
According to various news accounts, the Administration is considering whether to include weaker banks, and Administration officials have said that Congress must limit conditions on executive compensation in order for the new program to attract banks. Furthermore, Treasury Secretary Geitner has publicly remarked that the new proposal is needed to help get growth back on track and repair some of the damage caused by the financial crisis.
If you have questions, please contact L. Allyn Dixon, Jr. at 515-246-4520 or adixon@dickinsonlaw.com.
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