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President Obama Announces Plan To Rejuvenate Small Business

We blogged this week about IFA chaimwoman Dina Dwyer-Owens’ recent visit to Capital Hill and hoped that the Government would seriously take on board the needs of the small business community. Well, it looks like President Obama has taken notice. The President yesterday told the small business community that “America is standing behind small business”, as he announced a range of measures aimed to help small businesses and franchises. Joined by SBA administrator Karen Mills and Treasury boss Tim Geithner at the home base of Metropolitan Archives, President Obama announced a number of initiatives aimed to spur lending and revive the small business sector. Watch his speech here: President Obama’s plans include:
  • Letting community-based banks (ie those with assets under a $1billion borrow money at a lower rates via the TARP program)
  • A rise in the SBA loan caps from $2million to $5million.
  • Community groups that issue loans in poorer areas can borrow relief loans at 2 per cent for 8 years.
IFA president Matthew Shay yesterday welcomed the President’s plan, saying that Mr Obama directly taken on board an IFA proposal. “We thank President Obama for his support to enhance the SBA’s loan program,” said IFA President & CEO Matthew Shay. “We urge Congress to take the next step and pass legislation to increase the loan limits and make other important changes to the SBA loan program.” It’s exciting to see the Government finally responding to needs to small business owners, but we hope this will not be the end of its support. What more do you think the Government can do to help franchisees and small business owners?
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