What Obama proposes: A new $30 billion fund to stimulate small-business lending through community banks.
How the program would work: The federal government would make low-interest loans to banks with assets of less than $10 billion, which do more than half of all small-business lending.
Where the money would come from: The $30 billion in loan financing would come from federal bailout money already repaid by the big banks.
What's next: The new fund must be approved by Congress. The Obama administration says it has already had preliminary discussions with lawmakers.
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More From Star Tribune
More From Business
Business
Asian shares mostly rise on relief over US bank strength
Asian shares were mostly higher on Tuesday as investors got some relief from worries over troubled U.S. banks with a planned takeover of failed Silicon Valley Bank.
Business
Fed official: SVB itself was main cause of bank's failure
The nation's top financial regulator is asserting that Silicon Valley Bank's own management was largely to blame for the bank's failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
World
Do Adani's woes matter for India's clean energy transition?
When the bidders for India's multibillion-dollar incentive to make solar components were announced in early March, the absence of corporate behemoth Adani Group was conspicuous.
Business
Chipotle agrees to pay after closing store that sought union
Chipotle Mexican Grill has agreed to pay $240,000 to former employees as part of a settlement stemming from a complaint that the company violated federal law by closing a restaurant where workers wanted to unionize.
Business
Train derails in rural North Dakota and spills chemicals
A Canadian Pacific train derailed in rural North Dakota Sunday night and spilled hazardous materials. But local authorities and the railroad said there is no threat to public safety.
