Financing

President Barack Obama will require banks to boost lending to consumers and companies in return for taxpayer aid from the $700 billion bailout fund, in a departure from Bush administration policy, a key lawmaker said.

“You’re going to see the Obama administration,” learning lessons from the first phase of the program, “push for much more lending,” House Financial Services Committee Chairman Barney Frank, who helped write the financial-rescue law, said yesterday on ABC television’s This Week program. “There are going to be some real rules in there.”

Here at Financing.org we believe that this is a clear message from the new administration to the banks as well as business that action on a grand scale is needed to restart the US economy and one of the key components is to have much of the remaining TARP funds earmarked for business in the form of credit lines and loans. Whether you have an existing business or a startup, now is the moment to move your business financing forward.

Read the rest of this story here at Bloomberg.