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Banks get more funding for small business loans

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UNDATED (WSAU) Five Wisconsin lenders will share almost $32-million in federal loans which are meant to provide more loans to small businesses. The final round of funding in the U-S Treasury’s Small Business Lending Fund was announced yesterday.

The parent company of Horicon Bank is getting $17-million , and the parent of First National Bank of the Fox Valley is getting $10-million. Impact-Seven of Almena received $4-million. Forward Community Investments of Madison and the Wisconsin Women’s Business Initiative each received just under $500,000. The two banking firms had also received TARP money in the federal banking bailout of 2009. Other banks have been using money from the Small Business Lending Fund to pay off previous TARP loans. That’s because the dividends are lower.

TARP loans require a 5-percent dividend in the first five years of a payback, and 9-percent after that. The Small Business Fund requires paybacks as low as one-percent, depending on a bank’s loan activity.

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