www.businessweek.com
As part of its efforts to stimulate economic recovery, the Obama Administration announced on Oct. 21 a new set of initiatives to help spur lending to small businesses. President Obama headed to Landover, Md., to make the announcement on the premises of Metropolitan Archives, a 13-employee record storage and delivery company seeking expansion capital.
"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," President Obama said. "You are our highest priority because we are confident that when you are succeeding, America succeeds."
The initiatives will use the Troubled Asset Relief Program to lower the cost of capital for smaller banks and community development financial institutions that present plans to the Small Business Administration for increased small business lending through the SBA's flagship 504 and 7(a) programs. It will also more than double the maximum size limit of some of its guaranteed loans to small business owners........
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