Submitted by newshound on Wed, 10/21/2009 - 15:00
The Obama administration's new plan to boost small business lending by providing cheaper government capital to smaller banks can be achieved within the existing resources of the government's $700 billion financial bailout fund, a senior administration official said on Wednesday.
The official said the amount of capital to be made available to smaller institutions -- those with less than $1 billion in assets -- will likely be determined by year end through consultations with community bankers.
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