Accessing the Small Business Lending Fund

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We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Austin Recovery . How the Small Business Lending Fund Works Treasury will provide a bank with capital by purchasing Tier 1-qualifying preferred stock or equivalents. To encourage community bank participation, the cost of capital will start no higher than 5%. If a bank's small business lending increases by 10% or more, then the rate will fall as low as 1%. Banks that increase their lending by amounts less than 10% can benefit from rates set between 2% and 4%. If lending does not increase in the first two years, however, the rate will increase to 7%. After 4.5 years, the rate will increase to 9% if the bank has not already repaid the SBLF funding. The Small Business Lending Fund also provides an option for community banks to refinance preferred stock issued to Treasury through the Capital Purchase Program (CPP) or the Community Development Capital Initiative (CDCI) under certain conditions. However, simultaneous participation in CPP or CDCI and SBLF is not permitted. Benjamen Shapiro, Partner Belongia, Shapiro & Franklin, LLP Benjamin P. Shapiro is one of the nation's leading bank lawyers. Upon graduation from Northwestern University School of Law in 1968, Shapiro joined the legal department of the Federal Reserve Bank of Chicago. He left in 1972 to become Regional Counsel for the Federal Deposit Insurance Corporation (FDIC). In that capacity, he was chief legal counsel in the FDIC's Midwest region. In 1979, Shapiro left the FDIC to become a partner at Sidley & Austin, one of the city's ...

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