If you are the owner of a small business President Obama wants to help you. The President knows that many small businesses are struggling during the recession so he has requested that the US Treasury do something to help small businesses get loans so they can meet their expenses. President Barack Obama and Secretary Geithner unveiled a $15 billion package that will help small businesses. The plan will help reduce lending fees, ease the tax burden and boost bank liquidity to get credit rolling.
President Obama called small businesses the heart of the American economy and said that small businesses have created almost 70 percent of all new jobs in the last decade.
The U.S. Treasury Department said that going forward it will require the top 21 banks receiving government assistance to report their lending to small businesses on a monthly basis. Treasury Secretary Timothy Geithner will ask bank regulators to make changes so that they report on small business loans quarterly instead of annually so that progress can be gauged.
“We need every bank in the country to do everything in their power to provide the credit that small businesses need to operate, expand and add jobs,” Geithner said.
“You need to make the extra effort to make sure that good loans are getting to credit-worthy small business in order to serve the larger public good of moving this nation toward recovery.”
I have to reiterate, the Obama administration is working very hard for all Americans – yeah!