Obama Seeks Support For Small Business
October 30, 2009 Leave a comment
WASHINGTON — President Barack Obama, in his weekly radio address, took time out to highlight the importance of small businesses, saying too many small companies are still finding it difficult to obtain the loans they need to keep their businesses running.
“While credit may be more available for large businesses, too many small-business owners are still struggling to get the credit they need,” the president said in his prepared remarks. “These are the very taxpayers who stood by America’s banks in a crisis–and now it’s time for our banks to stand by creditworthy small businesses, and make the loans they need to open their doors, grow their operations, and create new jobs.”
Mr. Obama said it is time that large banks, who have already received substantial aid from the government, take the necessary steps to enable the recovery to take hold.
“Our economy as a whole can’t move ahead if small businesses and the middle class continue to fall behind,” he said, noting that small businesses have been hit hard by the recession. Many entrepreneurs can’t get the financing they need to start up their own companies and small firms have lost hundreds of thousands of jobs, he noted.
Earlier this week, Mr. Obama called on Congress to increase the maximum size of various loans for small businesses. He also announced plans to make more credit available for small firms through the government bailout program, the Troubled Asset Relief Program (TARP).
“The goal here is to get credit where it’s needed most–to businesses that support families, sustain communities, and create the jobs that power our economy,” he said.
Still, some critics argue that the Obama administration’s ambitious plans to rework the nation’s health-care system would actually hurt small businesses.
Noting that the unemployment rate is edging up toward 10%, House Minority Leader John Boehner of Ohio Friday argued in a statement that now is not the time for Democratic leaders to be focusing on “a massive government takeover of health care that will harm small businesses, impose more than $820 billion in new tax hikes and make job losses even worse.”
Similarly, Sen. Mike Johanns (R, Neb.) argued that Democrats’ health-care plans would have a negative impact on the country.
“The bottom line is this: We’re nearing 10% unemployment. We have a record budget deficit, and many families are working hard just to put food on the table and to pay the bills,” he said in the weekly GOP address. “Yet, there’s no doubt about it. These proposals will negatively impact pocketbooks and paychecks across America.”
Write to Maya Jackson Randall at Maya.Jackson-Randall@dowjones.com