Republicans block small business lending bill

http://www.msnbc.msn.com/id/38469644/ns/business-small_business/

By STEPHEN OHLEMACHER
updated 7/29/2010 12:49:41 PM ET

WASHINGTON — Senate Republicans blocked a bill to increase small business lending Thursday, dealing a setback to President Barack Obama's jobs agenda.

The bill would create a $30 billion government fund to help community banks increase lending to small businesses, combining it with about $12 billion in tax breaks aimed at small businesses. Democrats say banks should be able to use the lending fund to leverage up to $300 billion in loans to small businesses, helping to loosen tight credit markets.

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