Federal loans help small banks but not so much small businesses

02/15/2010 | New York Times (tiered subscription model), The

Barbara Wright, who owns The Wright Fit in Chicago, says the $35,000 she borrowed through the Obama administration's small-business stimulus program helped her local bank, but she discovered that the money could not be used to help cover her operating costs, and instead could be used solely to help pay off an earlier loan she had taken out for her business. So Wright had to downsize. "The loan really helped the bank, but what about me?" she asked.

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