This past Monday, President Obama delivered a speech urging banks bailed out by the Troubled Asset Relief Program (TARP) to start lending on a wide scale basis again.
Translation: it’s about time the banks pay back the millions of taxpayers who helped them survive.
Immediately following, Bank of America stated that it would increase its lending to small and medium-sized businesses by $5 billion. With $41.9 billion in outstanding business loans as of September, Bank of America is currently the second largest small business lender.
Let’s see if other TARP recipients heed the President’s message and follow suit.