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Bailout Doesn't Benefit Small Businesses

Korea Daily, Posted: Jan 31, 2009

NEW YORK Like their mainstream counterparts, Korean American banks serving the immigrant community that received money from the U.S. Treasury's Troubled Asset Relief Program (TARP) are reluctant to lend to struggling businesses, reports the Korea Daily. The $700 billion rescue plan was intended to have banks help struggling borrowers and increase lending to stimulate the crashing economy. Instead, Korean banks are tightening credit lines and implementing more stringent credit policies. The practice hurts small businesses that rely on bank loans or lines of credit. Construction and real estate businesses told the newspaper that it's not unusual to see contracts getting cancelled, because banks don't want to provide funding. Unnamed bank official said banks that have received bailout money worry that if new loans go bad, they will be in worse shape if the economy deteriorates.

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