Obama wants $100M more to carry small-business programs

[SpartanDem]

The Obama administration is strongly urging Capitol Hill to add new funds to a popular small-business loan program that is nearly out of money.

As part of the $787 billion fiscal stimulus package earlier this year, lawmakers included $375 million to support Small Business Administration (SBA) programs to spur lending through higher guarantees and reduced fees.

The administration credits the programs with helping to rejuvenate lending for small businesses. Loan volumes under the program had crashed during the financial crisis last fall and winter. But the programs have been so popular this year that they are running out of money several months early.

Supporters are now requesting a little more than $100 million to carry the program through mid-February 2010. The administration is working on a transition system so borrowers can still apply for the loan program.

http://thehill.com/homenews/administration/69057-administration-wants-100m-more-to-carry-small-business-programs

[Kdillard]

1. That is good news. What about the rest of the TARP money I

thought he was going to use that for small business .

[SpartanDem]

4. I think they're still working out the details on that

[Dreamer Tatum]

2. There's your problem in a nutshell

SBA support is less than 1/1000th of the entire stimulus, when small businesses form the backbone of private employment in this country.

I would have made the SBA number 100x that $375MM number. I would have JAMMED money into small business. Small business are often local businesses. Local businesses hire local people. Local people with jobs support other local businesses. And so forth.

The stimulus is a joke.

[optimator]

3. more impotent crumbs

a real jobs plan would be grants for non profit manufacturing start ups to compete with the low wage for-profits.
It will obviously never happen because repubs would call it communism, and dems are afraid of being called names by repubs.
It is painful to see this trainwreck in slow motion. We all see the consequences of impotent actions.

[notesdev]

5. Less than 0.1% of what was given to AIG alone

for all the small businesses in America

Are the priorities clear yet?

[Kitsune]

8. This.

This says it all.

[taught_me_patience]

6. How generous

meanwhile AIG alone gets over $100B. What a damn joke.

[izzybeans]

7. "As part of the $787 billion fiscal stimulus package earlier this year, lawmakers included $375

million"...seriously, that's it? Adding another dime to the jar?