“On September 27, 2010, Congress created the Small Business Lending Fund (SBLF) as part of the Small Business Jobs Act of 2010, which permitted Treasury to invest up to $30 billion in eligible small banks to increase the availability of credit for small businesses. Unlike the Troubled Asset Relief Program (TARP), SBLF incentivized lending by rewarding increases in lending with lower rates that a bank would pay the Government for the use of the money (known as the dividend rate). The scope and scale of SBLF were not as expected, with most of the money going to banks already in TARP. Treasury invested only $4 billion of the $30 billion available two – thirds of which ($2.7 billion) went to 137 TARP banks that used $2.1 billion in SBLF funds to exit TARP in 2011. As part of the Office of the Special Inspector General for the Troubled Asset Relief Programs (SIGTARP) continuing oversight of TARP, SIGTARP conducted this review to determine whether Treasury and regulators consistently evaluated applications submitted by TARP banks to refinance into SBLF.”
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