Mr. Obama’s Small Business Lending Fund would cover some 8,000 small and community banks that may have been eligible for TARP funds but opted against taking the money for fear of the strings that were attached or the stigma of accepting a bailout, Small Business Administrator Karen Mills said.
Banks with less than $1 billion in assets would be eligible to receive capital investments from the Treasury Department of up to 5 percent of their risk-weighted assets, and banks with assets between $1 billion and $10 billion could receive funds totaling 3 percent of risk-weighted assets. For every 2.5 percent increase in small-business lending over a two-year period, participating banks would receive a 1 percent decrease in the dividend rate they have to pay to Treasury.
Kara Rowland, White House reporter for The Washington Times, is a D.C.-area native. She graduated from the University of Virginia, where she studied American government and spent nearly all her waking hours working as managing editor of the Cavalier Daily, UVa.’s student newspaper.
Her interest in political reporting was piqued by an internship at Roll Call the summer before her ...
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