Monday, February 08, 2010

Obama's Phantom $15 Bil Program for Small Businesses

Last March 16, President Obama and Treasury Secretary Tim Geithner announced a new $15 billion program to help encourage loans to small businesses -- the Unlocking Credit for Small Businesses, or UCSB program.

Subsequently, wrote Neil Barofsky, Special Inspector General of the Troubled Asset Relief Program, in his latest report, "two additional initiatives were announced to support small-business lending, and Treasury announced an increase of the TARP funding dedicated to support these efforts to $30 billion."

But oddly, Barofsky noted, as of December 31, 2009, "the details of the initiative under this program had not been announced and no funds had been disbursed."

A $15-30 billion program for small businesses and no details have been released?

And no money disbursed??