New Obama Plan Aims to Help Small Business
President Obama and Treasury Secretary Geithner announced plans to help support small business owners on Monday at a press conference held at the White House. The administration has taken some criticism for laying out a budget which could increase taxes for some small business owners, and is now rolling out a plan that would help small business.
The President’s plan would help to thaw the tightened credit markets for small business owners by temporarily guaranteeing up to 90% of the loans that are made through the SBA’s 7(a) loan program. The plan would also authorize the Treasury Department to buy up to $15 billion securities backed by Small Business Administration loans.
“As a bank we have not been able to sell the guaranteed portions of the loans in the secondary market,” said Cynthia Blankenship, vice chairman of Bank of the West in Grapevine, Texas, and chairman of the Independent Community…
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