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THURSDAY, NOVEMBER 26, 2009
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Obama to Reach Out to Small Business

Prez to unveil a $730M effort after GOP backlash on spending

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(AP) – Amid misgivings over his spending blueprint, President Barack Obama will provide billions of dollars in federal lending aid aimed at struggling small business owners, the AP reports. The package, to be announced tomorrow, includes $730 million from the stimulus plan that will immediately reduce small-business lending fees and increase the government guarantee on some Small Business Administration loans to 90%.

“It's a huge step in the right direction,” said one official from the Chamber of Commerce. Republicans have sought to build on some bipartisan misgivings over Obama's ambitious spending blueprint. They say Obama's budget proposal to raise taxes will hurt small businesses, which face higher dividend taxes and limits on itemized deductions.

President Obama will announce the new measures with Treasury Secretary Timothy Geithner tomorrow at the White House.
President Obama will announce the new measures with Treasury Secretary Timothy Geithner tomorrow at the White House.   (AP Photo/Gerald Herbert)
President Barack Obama is seen during his meeting with Brazil's President Luiz Inacio Lula da Silva in the Oval Office of the White House, Saturday, March 14, 2009.
President Barack Obama is seen during his meeting with Brazil's President Luiz Inacio Lula da Silva in the Oval Office of the White House, Saturday, March 14, 2009.   (AP Photo/Pablo Martinez Monsivais)
President Barack Obama listens to Brazil's President Luiz Inacio Lula da Silva during their meeting in the Oval Office, Saturday, March 14, 2009.
President Barack Obama listens to Brazil's President Luiz Inacio Lula da Silva during their meeting in the Oval Office, Saturday, March 14, 2009.   (AP Photo/Pablo Martinez Monsivais)
President Barack Obama speaks about the economy at Business Roundtable, an association of chief executive officers of leading U.S. companies, at a hotel in Washington, Thursday, March 12, 2009.
President Barack Obama speaks about the economy at Business Roundtable, an association of chief executive officers of leading U.S. companies, at a hotel in Washington, Thursday, March 12, 2009.
President Barack Obama has decided to provide billions of dollars in federal lending aid aimed at struggling small business owners.
President Barack Obama has decided to provide billions of dollars in federal lending aid aimed at struggling small business owners.   (Shutter Stock)
President Barack Obama has decided to provide billions of dollars in federal lending aid aimed at struggling small business owners.
President Barack Obama has decided to provide billions of dollars in federal lending aid aimed at struggling small business owners.   (Shutter Stock)
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4 comments
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morenogabr
Mar 15, 09 3:31 PM CDT
Das my homeboy...! Reply
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DavoMax
Mar 15, 09 5:37 PM CDT
What? No repubs to throw stones at this one? Reply
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IN RESPONSE:
paul123
Mar 15, 09 6:15 PM CDT
sorry, late to the party........The only reaching out he's gonna do to my small business is right into it's front pocket, by raising the corporate tax rate and employment taxes.
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PaleRider
Mar 15, 09 10:14 PM CDT
What does this do for a small business that doesn't need a loan, nothing. Smoke and Mirrors. Reply
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Barack Obama • taxes • spending • small business • economic stimulus package • Republicans

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