Secret Site Map
Tuesday, April 28, 2015

Home News Treasury Report Shows Drop In Small-Business Loans

Treasury Report Shows Drop In Small-Business Loans

Business

Nine of the largest banks to receive money through the government's $700 billion financial market rescue program cut back lending to small businesses in January

| March 18, 2010

WASHINGTON — Nine of the largest banks to receive money through the government's $700 billion financial market rescue program cut back lending to small businesses in January, the Dow Jones Newswire reports.

The total volume of small-business loans outstanding at the banks fell 1% in January, the U.S. Treasury said in a report released late Monday. New loan originations for small businesses dropped 28%.

Meanwhile, total average loan balances at the institutions rose 2% to $1.064 trillion in January. Overall new loan originations were down 35%.

The Treasury attributes much of January's fall in overall originations to sharply higher new lending activity in the previous two months.

The drop in small-business lending comes as the Obama administration and federal banking regulators are pushing for a revival in small-business lending. President Barack Obama has proposed shifting $30 billion from the $700 billion Troubled Asset Relief Program, or TARP, to a new small-business lending fund. The details of how that fund would operate have yet to emerge.

Source: Dow Jones Newswire

Top news

Man Burned Trying to Kill Bed Bugs Inside Rental Car

Police say a Long Island man set his rental car ablaze while trying to kill bed bugs inside the vehicle.

Arrow Exterminating's Kennedy Retiring After 55 Years

Joseph Kennedy was hired by Bernard Stegman in August 1960.

Million-Dollar Club Virtual Event Coming Next Month

PCT is hosting the upcoming Million-Dollar Club Virtual Conference. Sponsored by Arrow Exterminators and scheduled for May 20, the event will focus on business development/growth initiatives specifically for pest management companies in the $750,000 to $1.25 million range.

PCT’s Moreland Named UPFDA Malcolm Stack Integrity Award Winner

The award was established in 2005 to honor those individuals within pest control who demonstrate a commitment to the industry and carry themselves with a high degree of professionalism and integrity.

FMC Corporation Completes Acquisition of Cheminova A/S

FMC completed the acquisition of Cheminova for an aggregate purchase price of approximately $1.8 billion, including assumption of debt.

x