WASHINGTON (MNI) – U.S. Treasury Secretary Timothy Geithner Tuesday
said the Obama administration’s commitment to making credit available
for small business should lead to around $15 billion or more in lending.
In remarks to open the ‘Access to Capital’ conference at the U.S.
Treasury Department, Geithner announced the approval of State Small
Business Credit Initiative applications from Connecticut, Missouri, and
Vermont. Funds that the Treasury said will help create new jobs and spur
more than $534 million in additional small business lending.
The Federal government is providing a $1.5 billion funding
commitment for the program overall, and Geithner said nationwide this is
expected “to spur $15 billion or more in additional lending.”
This policy, along with other programs implemented by the
administration to boost small business access to credit, is making a
difference, Geithner said. “The cost of borrowing and credit terms are
improving. Equity markets are open.”
However, the Treasury Secretary acknowledged that it remains a
“tough financing environment” for small companies, and the goal of
Tuesday’s conference is to draw more attention to the challenges facing
start-ups and high growth companies.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MGU$$$,MFU$$$,M$$CR$]
