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Yarmuth: Statement on President Obama's New Plan to Use TARP Funds to Support Small Business Lending

 

(Washington, DC) Today, Congressman John Yarmuth (KY-3) released the following statement in response to President Barack Obama’s new Small Business Lending Fund:

“Unlike the big Wall Street banks that have closed their doors to small business owners, community banks are providing the highest percentage of their lending to small companies. We cannot have a full economic recovery without small businesses and the jobs they create, so I am encouraged that the President’s plan will provide desperately needed capital to our nation’s entrepreneurs.” 

This morning, President Obama announced the outline of the new Small Business Lending Fund, which would transfer $30 billion from the Troubled Asset Relief Program to community and small banks for small business lending. The plan will offer capital that will immediately increase lending to small businesses that can also be leveraged to bolster further private-sector support.                                                                                       

In December, Congressman Yarmuth introduced similar legislation with the Give Credit to Main Street Act to direct $20 billion from TARP to the Small Business Administration for the purposes of creating new low-interest loans.

For more on the President's Plan, click here.