Treasury gets small-business lending fund up and running

“Expanding access to credit for small businesses will provide a powerful spark for growth and job creation,” said Treasury Secretary Timothy Geithner. “These funds will help ensure that more Main Street entrepreneurs have the opportunity to expand their businesses, invest in their local communities, and create new jobs.”

The fund was created as part of a jobs bill last September, and lawmakers have grown frustrated over how long it has taken to get it up and running.

Geithner faced critiques from both sides of aisle when he appeared before the House Small Business Committee in June, but maintained the deliberate approach was needed to make sure the funds were being distributed appropriately.

"We are being careful with the taxpayers' money," he said, noting that banking regulators first need to evaluate the healthiness of banks applying for the fund before the Treasury can start making loans.