Small Business Lending Turns Profit for Feds - Inc.
A small business lending program by the Obama administration is set to turn a surprise profit of $80 million, reports CNNMoney. Designed to pump capital into small banks, the 2010 program--the Treasury Department's Small Business Lending Fund--was expected to cost taxpayers $1.3 billion. But the program also had less impact than expected, CNNMoney reports. Only $4 billion of the allotted $30 billion was disbursed to community banks through the program; and only 332 community banks got the lending assistance--although 7,000 community banks were small enough to qualify and 933 banks actually applied to the program. . . . keep reading
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