A Banking Break For Small Businesses
While President Clinton wrangles with Congress over his economic stimulus plan, the White House is pushing ahead with another effort to jump-start the economy on the cheap. On Mar. 10, the White House unveiled a package of changes in banking regulations it hopes will generate more lending, particularly to small businesses. The changes are designed to ease the regulatory demands--partly in reaction to the thrift crisis--that banks complain have impeded lending. The new rules would reduce the heavy documentation banks need to prove small businesses can repay commercial loans and would give banks more leeway in how they classify troubled loans.
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