Most banks in its Small Business Lending Fund increased loans by more than 10 percent, the U.S. Treasury Department reported.
Banks in the program boosted their small-business lending by $1.3 billion over the prior quarter and a majority of the participants increased it by 10 percent or more, according to a Treasury Department report issued to Congress today. Treasury also said 84 percent of participants increased their lending.
Treasury distributed more than $4 billion of its $30 billion for the program into 332 community banks nationwide with incentives for those institutions to make more loans to small businesses.
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