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.
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