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business fund helps banks escape from TARP,[url=http://duveticaoutletcanada.halod.com/][b]duvetica jackets canada online[/b][/url]
Some of the bankers who took money from the Troubled Asset Relief Program during the financial crisis four years ago wished they hadn't because the interest rate was too high,[url=http://cheapjordansshoesforsales.blogspot.com/][b]http://cheapjordansshoesforsales.blogspot.com/[/b][/url], the restrictions on pay and shareholder dividends were too cumbersome and TARP participation was bad for the bank's image.
Now those who replaced their TARP capital last year with new capital infusions from a different federal program,[url=http://woolrichoutlet.halod.com/][b]Woolrich Parka online shop[/b][/url], the Small Business Lending Fund (SBLF), are glad they did because the interest rate is lower and comes with fewer limitations. It has helped them increase lending and profits, they say.
"It is one of the better programs the government put out,[url=http://duveticadownjacketssale.webmium.com/][b]http://duveticadownjacketssale.webmium.com/[/b][/url]," said Anthony C. Treasury, can be as low as 1 percent,[url=http://www.duveticajacketsjp.com/][b]デュベティカダウンジャケット[/b][/url], depending on the amount of loan growth. The interest rate on TARP is 5 percent and will increase to 9 percent in late 2013.
SBLF participants also have a strong incentive not to rely on the program for very long. After 4 1/2 years, the rate increases to 9 percent. And if lending does not increase in the first two years, the rate increases to 7 percent.
The banks that qualified to refinance their TARP borrowings through SBLF were "better capitalized and financially stronger than those that remained in TARP,[url=http://woolrichoutlet.halod.com/][b]Woolrich Jacket online shop[/b][/url]," the Inspector General said.
Since the program began in mid-2011,[url=http://cheapjordansshoesforsales.blogspot.com/][b]cheap jordans[/b][/url], participants increased their small-business lending by $4.8 billion, or 13 percent,[url=http://duveticaitaly.albirank.net/][b]Duvetica online[/b][/url], as of Dec. 31,[url=http://duveticaitaly.albirank.net/][b]DUVETICA Piumini Italy Vendita Duvetica Online Duvetica Sale Duvetica Coats Shop[/b][/url], according to the SBLF's April report to Congress.
The program gives banks with less than $10 billion in assets an incentive to make loans to businesses with less than $50 million in annual sales. The bank has added $15.4 million in qualifying small business loans to its books in the past year. The company makes point-of-purchase displays and other custom products for wholesalers, manufacturers and retailers worldwide.
Bollbach declined to discuss the amount or the terms of the loan,[url=http://parajumperssale.webmium.com/][b]Parajumpers Jackets On Sale[/b][/url]. "The usage has not been that great,[url=http://cheapnikesoccercleatsmercurial.webmium.com/][b]cheap nike soccer cleats mercurial[/b][/url]. There has been a hesitancy because of the additional regulatory scrutiny,[url=http://cheapsoccershoesoutlet.blogspot.com/][b]cheap soccer shoes outlet[/b][/url]."
His bank did not take TARP or SBLF and was able to raise additional capital privately to support its growth, mostly from existing shareholders.
"If banks are doing what they are supposed to be doing,[url=http://bestsoccercleatsonlinestore.blogspot.com/][b]http://bestsoccercleatsonlinestore.blogspot.com/[/b][/url], they should be able to raise the capital they need,[url=http://duveticaoutletcanada.halod.com/][b]duvetica down jackets men[/b][/url]," Sorrentino said. "If the banks can't raise capital because they have problems, you are keeping banks alive that might be better served if allowed to merge or to close. You don't want to reinforce what may be a bad business plan or bad management."
Florida-based bank consultant Jim Angleton, president of Aegis FinServ Corp., said a big reason bankers have paid off TARP with SBLF funds is that the newer program has fewer strings attached. It has fewer restrictions on executive pay and shareholder dividends,[url=http://newkevindurantshoes2012.blogspot.com/][b]new kevin durant shoes 2012[/b][/url], for example, he said.
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