President wants SBA loan expansion
Published: February 5,2010
WASHINGTON — In an effort to create more jobs, President Barack Obama will ask Congress to temporarily expand two lending programs for the owners of small businesses, an administration official said Friday.
Speaking on the condition of anonymity because the president hadn’t yet announced the proposal, a White House official said the plan would temporarily increase the cap on U.S. Small Business Administration Express Loans from the current maximum of $350,000 to $1 million.
Obama’s plan would also expand the SBA’s program to support refinancing for owner-occupied commercial real-estate loans.
To be eligible, business owners must have first mortgages and be current on all loan payments for the previous year.
The programs were to be announced Friday when the president meets with small-business owners in Lanham, Md.
The proposals, if approved by Congress, would be part of Obama’s overall plan to create jobs.
Obama wants to send $30 billion from the bank bailout program to community banks for lending to small businesses that need loans to increase their output and hire additional workers.
The president has also proposed eliminating capital gains taxes on small businesses in 2010 and giving small businesses a $5,000 tax credit for every new job created.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- DAVID DALLAS — Just how long can Dan stand?
- BILL CRAWFORD: Dan Jones not the angel he is portrayed to be
- Chancery judge delays JRA bond approval for Jackson's Westin hotel
- KILL BILL: Common Core death knell heads to Gov. Bryant's desk
- The Dan Jones-IHL saga: Is this the story that started it all?
- Keeping our eye on: Neal Stephens
- Cal-Maine income skyrockets as prices rise and costs shrink
- DAVID DALLAS — From Dan and Dixie with love
- Business groups file briefs in support of Kemper coal plant rehearing