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U.S. provides 4 bln USD to fund small businesses, spur hiring

(Xinhua)

10:24, September 29, 2011

WASHINGTON, Sept. 28 (Xinhua) -- The U.S. Treasury Department announced Wednesday that an additional 141 community banks across the nation have received more than 1.6 billion as part of the seventh and final batch of funding through the government-backed Small Business Lending Fund (SBLF).

"This brings the total funding for the program to more than 4 billion dollars going to 332 banks across the country," the department said in a statement.

"Billions of dollars in SBLF funds are now being put to use in communities all across the nation, spurring small business growth and job creation," said Deputy Treasury Secretary Neal Wolin.

The 4 billion dollars investment, which will help propel lending by Main Street banks in many multiples of that amount, is good for the U.S. economy and small businesses,Wolin added.

Facing economic challenges including a slower economic growth and high unemployment rate, the Obama administration is rolling out a string of moves to boost the economy and hiring.

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