Posted by Molly Nelson - The Obama administration
recently announced new initiatives to help American small businesses access credit and create jobs.
The three new measures discussed by President Barack Obama were:
- Working to improve access to credit for small firms by making lower-cost capital available to small banks that present small business lending plans and to Community Development Financial Institutions (CDFIs) that lend to small businesses in the hardest-hit rural and urban areas.
- Seeking legislation to increase the maximum size of three types of SBA loans - increasing the maximum loan size of 7(a) loans from $2 million to $5 million, 504 loans up to $5.5 million for manufacturing companies and microloans from $35,000 to $50,000 respectively.
- Asking Treasury Secretary Geithner and SBA Administrator Mills to bring together regulators, Congressional leaders and small-business owners to discuss additional ways to increase access to credit for small firms.
View a fact sheet on the initiative here.
NASE statement: “Mr. President, The Self-Employed Need Your Help”