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White House’s Kudlow says banks are ‘ready to go’ in giving small business loans

WASHINGTON (Reuters) – Top White House economic advisor Larry Kudlow said on Friday that there would be big demand for a small-business loan program but that the banks were prepared for it despite concerns that they would be overwhelmed by the need created by an economic shutdown aimed at slowing the spread of the coronavirus.

“I think they are ready to go,” Kudlow told Bloomberg television.

U.S. Treasury Secretary Steven Mnuchin struck a similar note in a separate interview on Friday, saying that community banks had processed hundreds of small-business loans.

(Reporting by Diane Bartz; Editing by Chizu Nomiyama)

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