To help jump-start small-business lending, Gov. Martin O’Malley is asking the White House to funnel $3bn from the Troubled Asset Relief Program (TARP) to the states so they can expand their loan-guarantee programs. Allocating $3bn for programs in Maryland, the other 49 states and the US territories could result in banks making as much as $18bn available to small-business borrowers, O’Malley and the governors of 27 other states said in a letter sent to President Obama on Feb. 24. That’s a ratio of $6 in loans for every $1 backed by the government. Supporters say the proposal, if adopted by the Obama administration, could help bridge the gap between small-business owners who can’t get credit and bankers who say they’re willing to lend, if they can find qualified borrowers. That disconnect has stalled the economic recovery because small businesses, which create most of the jobs in the country, have had a hard time finding money to expand.
O’Malley says back loans with TARP cash
Most Popular Articles
Latest Articles
High mortgage rates sideline homeowners from tapping home equity: ICE
Just 0.41% of tappable equity was withdrawn in Q3, 55% below the average withdrawal rate between 2010 and 2021.
-
Mortgage rates should drop below 7% as housing demand picks up
-
CFPB’s Chopra addresses mortgage trigger leads, servicing rules in Senate hearing
-
Conforming, FHA loan limits rose for 2024, but who benefits?
-
HUD proposes 30-day notice rule for public housing rent nonpayment
-
Introducing the 2023 HousingWire Tech Trendsetters!