Bailed-out banks gave few loans to small firms
IHS Global Insight analyst Brian Bethune says banks have used economic-stimulus funds to pay down bank debt instead of offering credit to small businesses. Bank of America received $45 billion in federal stimulus funding and made 11 Massachusetts Small Business Administration 7(a) loans from September 2008 to September 2009 while Citibank received $50 billion and made eight 7(a) loans. Central Bankcorp accepted $10 million and OneUnited of Boston received $12 million, but neither made any 7(a) loans in the last year.
Boston Globe, The | 11/02
This story published in NFIB SmartBrief on 11/03/2009
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