After a meeting this weekend with President Obama, CEO Ken Lewis of Bank of America Corp pledged that the nation’s largest bank would do more for small businesses and reverse some of its declines. All in all Bank of America will expect to increase its lending by $5 billion to small businesses this upcoming year. [...]

Ciitigroup Inc., Bank of America Corp., and Wells Fargo, are repaying their TARP loans, $20.5 billion, $19 billion, and $25 billion respectively, but unemployment rates are still above 10% and small businesses are still suffering from a lack of access to capital. The Obama administration has recognized the need to reshape TARP money in order [...]

Citigroup Inc. nearly collapsed back in November 2009, when customer’s lost trust in the bank and the government had to infuse $20 billion and Citi issued $7 billion in trust preferred securities to the Federal Deposit Insurance Corp. in exchange for lost guarantees for $306 billion in securities. On Monday, Citigroup announced that it will [...]

Jon D. Greenlee, Associate Director, Division of Banking Supervision and Regulation addressed the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House Of Representatives in Michigan on December 1st, 2009 regarding the current banking system, its underwriting process, the credit available to small businesses, and the overall credit situation.  He also touched upon [...]

The America’s Recovery Capital stimulus package provides small businesses with up to $30,000 in non interest collecting loans. There are strict criteria to qualify for the loan, but merchants have been encouraged to apply for it with their local banks, and so far $100 million out of the allocated $225 million have been distributed to [...]

Congress members were in Michigan on Monday to speak with small business owners in the auto-motive industry who are having difficulty receiving loans from their local banks. Small business owners explained to the House Financial Subcommittee on Oversight and Investigations that there is extreme difficulty for Michigan based businesses particularly in the auto-motive industry to [...]

America’s largest bank, Bank of America has released a detailed plan of how it plans on repaying the $45 billion which it has received in TARP loans from the United States Government by using $26.2 billion in excess liquidity and $18.8 billion in profits from the sale of common equivalent securities. Since the government’s intervention [...]

Banks aren’t lending not because there is a lack of money, but because there is a lack of good investments claims Dean Baker co-founder of the Center for Economic and Policy Research in Washington DC.  The plummeting real-estate market in both commercial and residential, combined with a decrease in consumer spending has created a difficult [...]