For small businesses, $30 billion in fresh hope | Seattle Times Newspaper

So are there any cooperating small banks in the Rockford Metropolitan Area? 

President Barack Obama's $30 billion small community business lending program faces one big challenge: many of the community banks and businesses it's supposed to help don't want it.

federal legislation includes a new $30 billion Treasury fund that small banks can access, higher limits on loans, and tax cuts for small businesses

About 1,400 small businesses around the country have been awaiting Small Business Administration (SBA) loans, including 26 companies in the Seattle area. The SBA guarantees up to 90 percent of the amount borrowed, to reduce the risk for lenders.

Some banks question the need for more loans at a time when many business customers are still mired in a sluggish economy. The law does not compel them to lend.

Business & Technology | For small businesses, $30 billion in fresh hope | Seattle Times Newspaper