Small Biz Lending Relief Coming
White House: More Small Biz Lending Relief Coming
10/21/2009
* By Michelle Samaad
During a visit to a records storage company in Maryland today, President Barack Obama is set to unveil a new round of lending initiatives targeted at helping small businesses.
Among the strategies to improve access to credit for small businesses, the Obama administration said it will support lending by providing lower-cost capital to small banks that present small business lending plans and to community development financial institutions that lend to small businesses in the hardest-hit rural and urban areas. CDFI credit unions would be eligible to apply.
The administration also plans to increase the maximum loan size of the SBA’s 7(a) loans from $2 million to $5 million, increase 504 loans to $5.5 million and increase the agency’s microloans from $35,000 to $50,000.
According to the White House, the President will call on Treasury Secretary Timothy Geithner and SBA Administrator Karen Mills to convene a conference of regulators, Congressional leaders, and small business owners to establish further steps the government can take to help small businesses access credit.
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