Obama to announce steps to aid small businesses

By GottaLaff

What a socialist:

U.S. President Barack Obama will announce steps on Monday to make it easier for small business owners to borrow money, using $730 million in stimulus funds to cut lending fees, boost loan guarantees and expand other programs, officials said. [...]

The Obama administration believes small businesses, which accounted for about 70 percent of new job growth over the past 10 years, will ultimately drive the recovery from the current recession, one of worst in decades, a U.S. official said. [...]

Obama and Treasury Secretary Timothy Geithner will announce a plan to increase federal guarantees under the SBA's most widely used loan program, an official said. [...]

The administration also plans eliminate a number of borrower and lender fees on loans originated through its main loan program and a program to encourage long-term borrowing for major fixed assets like land and buildings.

As part of his financial stability plan in February, Geithner said the administration would boost secondary lending markets that buy up loans and would encourage small business lending by targeting markets that buy small business loans.