House Approves Small-Business Lending Bill

(Reuters) - The House of Representatives on Thursday approved a small business lending program sought by President Barack Obama to boost economic growth and encourage job creation.

The House voted 241-182, mostly along party lines, for a bill which would authorize a $30 billion fund the Treasury Department would use to provide capital to small community banks, allowing increased lending to small businesses.

"America's small business owners are the backbone of our economy," said House Speaker Nancy Pelosi. "With this legislation, we are helping to ensure they have what they need to be the engine of our recovery."