Snowe requests TARP funds for small businesses
Sen. Olympia Snowe is asking the U.S. Treasury to use funds from the Troubled Assets Relief Program to guarantee lines of credit for qualifying small businesses.
Snowe, ranking member of the U.S. Senate Committee on Small Business and Entrepreneurship, made the proposal in a letter sent to Treasury Secretary Tim Geithner. Snowe sent the letter with Sen. Mary Landrieu (D-La.), chair of the Senate's small business committee. "Making capital available for small businesses is critical to the strength of our overall economy," the senators wrote in the letter.
The senators sent the letter after hearing from entrepreneurs at a small business committee hearing earlier this month, according to a press release. At the hearing, small business owners said they were seeing their lines of credit reduced or eliminated by banks despite their businesses' perfect payment histories, the press release said.
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