Help is on the way for small business, according to President Obama.  In a speech delivered at a small business in Landon, Maryland this week, the President outlined new initiatives for small business to ease up lending and to make critical capital available at affordable rates.

Here are a few notable points President Obama mentioned in his speech:

The President also outlined his proposals to support small businesses and small business loans: 

  • Increasing the size of SBA’s 7(a) loan from $2 million to $5 million.
  • Increasing the size of SBA’s 504 loan from $2 million to $5 million for standard borrowers (supporting a total project of $12.5 million) and from $4 million to $5.5 million for manufacturers (supporting a total project of $13.75 million).
  • Increasing the size of SBA’s Microloan from $35,000 to $50,000.

 

Related Resources:

  • President Obama Announces New Efforts to Improve Access to Credit for Small Businesses [PDF] (SBA.gov)
  • Remarks of President Barack Obama: October 19, 2009 in Landon, Maryland [PDF] (SBA.gov)
  • Statement by Administrator Karen Mills on President Obama`s Proposal to Raise SBA Loan Limits (Reuters)
  • SBA’s New Role: YouTube Star (FindLaw’s Free Enterprise)
  • SBA Asks: Are You Ready to Start a Business? (FindLaw’s Free Enterprise)

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