Organizing for America | Rhonda's Blog: President Obama to Unveil Plans To Help Small Businesses.

President Obama to Unveil Plans To Help Small Businesses.

By !Rhonda => As A Man/Woman Thinks in His/Her Heart, So Is He/She...We ARE Creative & Innovative... Jobs, Jobs, Jobs!! - Mar 16th, 2009 at 1:01 am EDT

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The broad package of measures to be announced Monday includes portions of the $730 million from the stimulus plan that will be used to immediately reduce small-business lending fees and increase the government guarantee on some Small Business Administration loans to 90 percent. The government also will take aggressive steps to boost bank liquidity with more than $10 billion aimed at unfreezing the secondary credit market, according to officials briefed on the plan who demanded anonymity to avoid pre-empting the president's announcement.

In the coming weeks, the SBA will unveil additional initiatives as part of the stimulus plan to help a small-business community that is seen as critical to staving off job losses and promoting economic growth, officials said.

"It's a huge step in the right direction," Giovanni Coratolo, director of Small Business Policy at the U.S. Chamber of Commerce, said Saturday. "In this economy, having the least amount of risk for banks will incentivize banks to lend to small businesses. A lot of small businesses will benefit from this." Link

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