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U.S. Small Business Aid May Create $300 Billion of 'Junk' Loans
 
Monday, July 26, 2010
The U.S. Senate may vote this week on a bill to funnel $30 billion of capital to community banks, whose business customers typically are small firms. Banks could leverage the sum to make $300 billion in loans that create jobs, according to a Senate summary. That could more than double the commercial and industrial loans at eligible banks as of the first quarter, according to data compiled by KBW Inc.

Bankers say the problem isn't scarce credit, it's lack of demand from creditworthy firms in a weak economy. The result may be more loans given to distressed firms and higher losses. While bank regulators don't compile default rates, the biggest lenders have charge-offs of 4% to 14% tied to small businesses.

Click here to read this story in its entirety at Bloomberg.com.



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