WASHINGTON: US banks are pushing the Federal Reserve to change the terms of a US$600 billion lending program for small and medium-sized businesses, including reducing minimum loan sizes and allowing more flexibility on underlying reference rates, industry groups said.
Making the program workable for lenders is critical to getting federal funds into the real economy quickly, but the terms of that and other assistance schemes are under growing scrutiny amid worries insufficient conditions are being placed on borrowers and that banks may dish out the funds unevenly. Industry groups including the Independent Community Bankers of America , the Consumer Bankers Association and the American Bankers Association told the Fed this week that the program's US$1 million minimum loan size is too large and will exclude many small businesses that need to borrow a smaller amount."The minimum loan amount should be no higher than US$100,000.
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