In October, President Obama announced he intends to step up the
government's efforts to help small businesses. His administration
hopes to help further stimulate the economy and stem the number of
jobs being lost.
As part of the president's plan, lending to small businesses
will increase and smaller community lenders will have greater
access to capital.
In a speech in Maryland to the 13 employees of a small storage
and delivery company, Obama said: "I know that times are tough, and
I can only imagine what many of you are going through in terms of
keeping things going in the midst of a very tough economic climate,
but I guarantee you this: This administration is going to stand
behind small businesses. You are our highest priority because we
are confident that when you are succeeding, America succeeds."
The Obama administration will use the Troubled Asset Relief
Program to lower the cost of capital for smaller banks and
community development financial institutions that plan to increase
lending to small businesses through the Small Business
Administration's 504 and 7(a) programs. The cost of capital to
small banks will be about 2 percent,...
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