Obama Administration Announces More Help For Small Business

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Obama Administration Announces More Help For Small Business

Oct 22, 2009
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:

  1. 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.
  2. 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.
  3. 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”

Courtesy of NASE.org