Obama Renews Push for Small Business Initiatives
President Obama has renewed his push on to persuade Congress to pass a package of small business initiatives, including a plan to bolster small banks’ lending with $30 billion.
The plan is looking to target the many small businesses reported to have trouble getting credit during the worst recession in decades. Obama has been criticized for not doing enough to generate job growth, proposed the plan back in February. The proposal has faced questions as to whether or not it would work.
The package also includes $2 billion to support programs at the state level that support private lending and would establish a $30 billion fund to boost lending to small businesses looking to expand their operations.