Lack of clarity about the requirements for the Small Business Lending Fund that was established last year by the Small Business Jobs Act led to confusion among both lenders and borrowers alike, according to a new government report.
The report, released Wednesday by the Government Accountability Office, found that many applicants were not notified for months that their loan applications had not been approved and hundreds of applicants did not know about rules against restrictions on paying dividends. Few banks even applied for the program because they did not expect demand for small business loans to increase.
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