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February 4, 2010

Treasury to invest $1B in small banks

WASHINGTON (AP) — The Treasury Department says it will invest up to $1 billion in small banks that serve poor communities as part of the Obama administration's efforts to spur more lending to small businesses.

The money will come from the $700 billion bank bailout fund.The banks will pay only 2 percent interest on the investments, compared with the 5 percent that large banks were required to pay under the Troubled Asset Relief Program.


 
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