WASHINGTON — The Obama administration favors additional funding for community development banks, viewing that as a way to help finance small businesses and spur job growth, a senior Treasury Department official said Tuesday.

President Barack Obama's fiscal 2011 budget plan seeks an additional $250 million of funding for assistance to community development financial institutions, or CDFIs, Assistant Treasury Secretary for Financial Institutions Michael Barr said in testimony prepared for delivery at a House Financial Services Committee hearing.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.