Hispanic Business Loans – Let ‘Em Roll: Treasury Releases Funds to Boost Lending

Virginia Heritage Bank, one of the first banks to receive Treasury funds to boost small-business lending, plans to hire two more lending officers and expand marketing efforts to target Hispanic small businesses, reports The Washington Post.

So far, six banks have collectively received $123 million from the Small Business Lending Fund, the Treasury Department announced last week.  The fund provides capital to community banks that hold under $10 billion in assets. The interest rate on the funds is between 1% and 5%, depending on how much banks increase their small business lending.

Read the entire article at The Wall Street Journal.