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Obama to refocus bailout on small businesses
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Issue
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| Contributor | RP |
| Last Edited | RP Oct 21, 2009 01:30pm |
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| Category | Strategy |
| News Date | Wednesday, October 21, 2009 07:30:00 PM UTC0:0 |
| Description | President Barack Obama is set to unveil plans to refocus spending of the government's $700 billion financial bailout away from big financial institutions and toward small businesses.
The White House says the initiatives will make it easier for smaller community banks to provide credit to small businesses, which have been hard-hit by the financial crisis. The president's plan also includes a request that Congress increase caps for existing Small Business Administration loans.
Obama will announce the plan Wednesday during a visit to a small business in Maryland. In remarks prepared for the event, the president said his administration needs to do more to help small businesses grow. |
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