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Karna Desai period 4 Mrs. fanso Grade 9 Summary New Jersey bankers had mixed views about a White House plan announced yesterday that it would open up the lending spigot for small businesses. Community banks with less than 1 billion in assets will be eligible for lower - cost capital if they submit a small- business lending plan and document their lending in quarterly reports, according to a White House fact sheet. If approved by regulators, those banks would pay the government an initial 3 percent divided on the money, instead of the previous 5 percent rate. The revised push by the White House shows how the federal government is trying to spur small businesses to create jobs at a time of stubbornly high unemployment. Small businesses are not hiring, not buying that new piece of equipment or expanding their building right now. President Obama also will seek legislation to raise the limits for Small Business Administration (SBA) loans to $5 million, from $2 million, and as much
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