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US Boosts Loans for Small Businesses in Latin America

The head of the U.S. Treasury announced a new program to increase the number of loans available to small businesses in Latin America Tuesday.

Treasury Secretary Henry Paulson says only one out of 10 small businesses in the region has access to bank loans and other financing, which makes it hard for them to expand, prosper, and create jobs.

Paulson says this program will help banks develop the skills needed to properly assess whether or not small businesses will be able to repay loans. It also offers to share some of the risks associated with loans to small businesses.

And it will make $150 million, or more, available to support such efforts across Latin America.