(AP) -- Government-guaranteed loans to small businesses in New York City are up 45 percent over last year. U.S. Rep. Anthony Weiner announced Sunday that more than $262 million was distributed in fiscal 2010.
The Democrat says the loans, offered by private banks, increased after passage of new laws designed to increase credit for business owners battling the recession. The figures come from the federal Small Business Administration.
Among the five New York City boroughs, the Bronx saw the biggest uptick in the amount of money loaned, an increase of 62 percent. Weiner says small businesses are the city's backbone, and they "have borne the brunt of" the economic downturn. If a business defaults on a loan, it's federally guaranteed to 90 percent.
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