Big banks are still repaying the billions of dollars given to them by the government a year ago and currently they are betting on bonds, commodities and other financial products.
Of the $250 billion that the government initially set aside in its Troubled Asset Relief Program (TARP)to spend for direct assistance to banks, it has spent $205 billion. But banks have only paid back $71 billion. Although TARP is supposed to expire Dec. 31, there are $140 billion still uncommitted so the Obama administration is considering extending a portion of the fund through October 2010.
In addition to helping banks get rid of mortgage-backed assets, TARP’s other goals were to encourage greater lending to consumers and businesses, and to mitigate foreclosures.
What’s more, a new program is supposed to funnel money to small banks at low rates to increase small business lending. Treasury officials say it could cost taxpayers between $10 billion and $50 billion.
It is the nation’s small banks that have been failing at the highest rate since 1992 – and with them, many smaller businesses have gone under. If stabilizing the financial sector was TARP’s main goal, increasing lending was the other.
What many smaller businesses are finding of assistance during these tough times, when they have not been able to get a loan from the unstable banking system, is factoring. A strategy used often during recvessions, invoice factoring can provide just enough extra income fast enough for the small business to make payroll, and order supplies, so they can stay in business.
For more information, contact a leading factoring company such as The Interface Financial Group (http:www.IFGNetwork.com)
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