President Donald Trump’s administration has approved $500.5 million in grants to small business borrowers, a move aimed at boosting small business loan applications.
Trump also has announced $10 million to support small business lending.
Trump signed the executive order Thursday.
Small business loans were a major focus of his presidential campaign.
The administration’s decision to approve small business loans comes as the economy is faltering and job growth is sluggish, with fewer than 20,000 new jobs created in the fourth quarter.