WASHINGTON — Thousands of small, privately-held banks could have access to the $700 billion financial rescue program within "days, not weeks", according to sources familiar with the matter.

The Treasury Department is expected to soon release a term sheet for Subchapter S banks, so-called because of the section of the Internal Revenue code that governs their tax status. The issuance of the sheet will let the roughly 2,500 S-corporation banks, nearly a third of the industry, apply for the Treasury's $250 billion capital injection program.

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