SBLF Hopefuls Grow Pessimistic as Restrictions Slow Lending BankInvestmentConsultant.com
The Treasury Department has approved 80 banks for SBLF funds, but hundreds of others are waiting or have given up because of holdups tied to their age, size or dividend restrictions. Those not approved by the Sept. 27 deadline could face higher dividend costs and few capital options, as they seek other ways to fund their exits from the constricting Troubled Asset Relief Program.
Some Tarp "banks may consider a stock offering if they don't get SBLF and that window has closed because of volatility in the markets," said Kip Weissman, a partner at Luse, Gorman, Pomerenk & Schick. "Everyone is very concerned there will be banks that just run out of time."
Jason Tepperman, director of the Small Business Lending Fund, said the department is "very confident that we'll be able to come to decisions on all banks, and fund those that participate, by the end of September." The Treasury could not say how many applicants have been adversely affected by a dividend restriction.
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