Unlocking Credit for Small Businesses

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{{#badges:RealEconomyProject}} The Unlocking Credit for Small Businesses Program would increase loans to small businesses by spurring demand amongst investors for securities backed by Small Business Administration loans. Treasury publicly committed $15B for the program.[1]

SIGTARP: “On March 16, 2009, Treasury announced the Unlocking Credit for Small Businesses (“UCSB”) program to encourage banks to extend more credit to small businesses. Under the UCSB program, Treasury stated that it would purchase up to $15 billion in securities backed by pools of Small Business Administration (“SBA”) loans from two SBA participating programs: the 7(a) Program and the 504 Community Development Loan Program. According to Treasury, the UCSB program is designed to provide banks the liquidity necessary to start writing new small-business loans again. On September 24, 2009, during Congressional testimony, Assistant Treasury Secretary for Financial Stability, Herbert Allison, noted that Treasury would soon announce further program details. As of September 30, 2009, no TARP funds had been expended under this program.” [2]


Wall Street Bailout Accounting
(back to main table)
UNLOCKING CREDIT FOR SMALL BUSINESSES
Balance Sheet
Disbursed*: $316M[3]
Current outstanding: $316M[4]
Public Funds
Maximum at-risk: $15B [5]
Current at-risk: $15B [6]

* See the methodology and glossary for definitions of "disbursed," etc.

Funding agency and aid type

The funding agency was the Treasury Department.


Who benefits

Notes

Articles and resources

Related SourceWatch articles

References

  1. ↑ http://www.financialstability.gov/roadtostability/smallbusinesscommunity.html
  2. ↑ SIGTARP Oct. 2009 report, p. 88.
  3. ↑ Accounting released by Treasury on Sept. 10, 2010, “9-16-10 Transactions Report as of 9-14-10 Convenience Copy”. http://www.financialstability.gov/latest/reportsanddocs.html
  4. ↑ Accounting released by Treasury on Sept. 10, 2010, “9-16-10 Transactions Report as of 9-14-10 Convenience Copy”. http://www.financialstability.gov/latest/reportsanddocs.html
  5. ↑ SIGTARP Oct. 2009 report, p. 88.
  6. ↑ U.S. Treasury, "Fact Sheet: Unlocking Credit for Small Businesses," updated Oct. 19, 2009, available at http://www.financialstability.gov/roadtostability/unlockingCreditforSmallBusinesses.html

External resources

External articles

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