Obama plans small-business lending boost
(AP) - The Obama administration is announcing thatthe 21 largest banks receiving government money must report monthlyon how much lending they do to small businesses.
All other banks getting federal taxpayer help are being asked toreport quarterly on small business loans. Even banks that are nottaking government funds are being told by the administration to"make an extra effort" to increase small business lending.
The announcements came Monday as part of a broad package aimedat small business that was being unveiled by President Barack Obamaand Treasury Secretary Timothy Geithner.
The package also includesreduced small-business lending fees and an increase on theguarantee to some Small Business Administration loans.