Obama unveils plan to help small businesses

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Obama unveils plan to help small businesses

March 17, 2009

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Washington--Under fire for the bailout of big banks and Wall Street institutions, President Barack Obama unveiled a plan on Monday that will make it easier for small-business owners to borrow money, according to various news sources.

The programs announced on Monday build on the $730 million for small businesses included in the $787 billion stimulus package.

The funds will be used to reduce fees on the Small Business Administration's main loan program, while others will be used to expand the portion of the loans guaranteed by the federal government, according to news sources.

In addition, Obama--who was speaking in front of a group of small-business owners at the White House--announced that the government would be injecting capital into the system by buying up to $15 billion in securities backed by small-business loans, a step intended to ensure that financing is available for small businesses.

The funds will originate from the Trouble Asset Relief Program, a program approved by Congress to help ailing financial institutions.

During the press conference, news sources report that Treasury Secretary Timothy Geithner pressed U.S. banks to lend money to small businesses, and said the administration would require the 21 largest banks receiving government assistance to report their small-business loans monthly.

He is also asking bank regulators to call for quarterly reporting on small-business loans.

"I want to deliver a clear message to our nation's banks," Geithner said. "Across this country, thousands of small businesses are finding it harder to get the credit necessary to stay in business. We need every bank in this country to do everything in their power to provide the credit that small business needs to operate and expand."

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