House Passes Small-Business Lending Bill

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House Passes Small-Business Lending Bill

Post  Aflatoon on Wed Dec 22, 2010 1:45 am

Washington, D.C. (June 18, 2010)

By WebCPA Staff The House passed legislation to incentivize community banks to increase their small-business lending.

Melissa Bean

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The Small Business Lending Fund Act of 2010 was approved Thursday by a vote of 241 to 182. The legislation would establish a $30 billion lending fund for community banks that measurably increase their lending to small businesses. Banks would need to repay all capital investments with interest to the government within 10 years. The Congressional Budget Office estimates that the lending fund would bring in a profit of $1.1 billion to taxpayers, which would be used toward deficit reduction.

The bill would also provide $2 billion in funding for new or existing state lending programs. These programs already exist in around 30 states, use small amounts of public dollars to generate substantial private bank financing, and can use federal dollars to quickly increase small-business lending.


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