Community | October 20, 2009 | 29 comments

Obama to announce help for small businesses

source: http://www.msnbc.msn.com/id/33400690/ns/business-small_business/

Image
current89
WASHINGTON - President Barack Obama wants smaller community banks to have greater access to the government's $700 billion financial rescue fund to assist small businesses that are still suffering from a prolonged credit crunch.

Obama on Wednesday plans to announce a package of initiatives designed to increase lending, including a request that Congress increase caps for existing Small Business Administration loans, the administration said.

The new effort comes as the administration is under pressure from liberals to shift the massive bailout fund's focus away from helping big financial institutions and toward homeowners and small businesses. But it also comes as Republicans press Obama to end the rescue program and use bank repayments to reduce the national debt.

Congressional and industry officials said there were few details about the new proposal, including how much of the bailout money would be used. But the American Bankers Association, in a letter to Treasury Secretary Timothy Geithner last month, recommended a $5 billion program for community banks that have not yet received assistance from the rescue fund. The program, as suggested by the association, would apply only to those banks with assets of less than $5 billion.

"Community banks feel like the government assistance efforts to date have left them on the sidelines," said Mark Tenhundfeld, a senior vice president at the bankers' association.

The rescue fund, known as the Troubled Asset Relief Program, has about $320 billion still available to spend — a combination of unallocated money and more than $70 billion in repayments from banks that received bailouts since late last year. The TARP is set to expire at the end of December, but the administration could extend it until October 2010.

end of excerpt

Source: MSNBC
  1. groups:
    Community,   Current Tonight,   US Politics,   Obama: The First Term,   1 more
  2. tags:
  3.     
    |

29 comments // Obama to announce help for small businesses

  • courage
    • 0
      courage  

    • give them money take them over fire some control the others wages if they dont do as there told have your media attack them or perhaps have congress pass a few laws to punish them this is perfect for the Dear Leader Mao would be proud

    • 2 years ago
  • nursediesel
    • 0
      nursediesel  

    • Yeah, but will the banks give the money to the small businesses?
      They aren't writing the last stimulus loans out because of the red tape.
      We tried to get one. To repair the leaking roof to protect our inside electronics and inventory to our small business building.
      Only one bank was writting ARC loans and only for established customers!!
      It's all who you know not who needs it. Just ask Eddie Rendell! Or John Murtha.

    • 2 years ago
  • CalPerr
    • 0
      CalPerr  

    • I can't help but feel like this money will all be funneled to Goldman Sachs too. I'm going to try and hope for the best.

    • 2 years ago
  • CarolynGillis
    • 0
      CarolynGillis  
    • Image

    • This idea could fly with help.
      It is basically the old fashioned idea that we can make our shoes in regions to help the economy.
      SUstainable and vegan would be the best way to do it and we could use local colleges to design and develop that..

    • 2 years ago
  • Solarlife
    • 0
      Solarlife  

    • Europe prepares easy bankrupt for Big banks

      in case of second crash, no bailout anymore
      just shut down by government.

      The question, why serving first big banks with money for big bonuses parties, and then thinking of the middle class credit for SMEs already most dead, out of house.

      Middle class Bank
      The solution is a New Middle class Bank with priority credits for Cleantech Start-ups, that will survive.
      Close the monster banks microtrading against our
      daily needs, making us poor and them rich. Why
      keeping up a little enterprise, if you get bonuses at
      Wall street killing the Middle class enterprises.

    • 2 years ago
  • BKsaysAction
  • Chapisbored
    • 0
      Chapisbored  

    • It bothers me to think that people don't really know much about what the TARP funds are. I know I don't know much about them. And I have looked into it.

      $700 billion for the financial rescue plan. They say theres about $320 billion left of TARP funds. And Obama's recommending $5 billion dollars go into community banks? So many variables.

      I just wish they'd make a list that said who was getting what money. Rank it from most money to least. Maybe have an alternate version for the actual peoples names and occupation.

      Hahaha

    • 2 years ago
  • hunzedog
  • flyingkick
  • kennymotown
  • mojojuju
  • cmdinc
    • 0
      cmdinc  

    • hope it's there but most local, as was the case with my local bank, were "strongly urged" to take TARP funds so their out.

    • 2 years ago
  • JohnA
  • current89
    • 0
      current89  
    • JohnA:

      Well he's kept 48 promises in full, compromised on 13, 124 are in the works, and 7 are broken. So hes doing a lot, and fulfilling a lot of his promises. But I'm quite sure you don't care about these facts.

    • 2 years ago
  • kennymotown
  • JohnA
  • current89
    • 0
      current89  
    • JohnA:

      John, keep it up, ignore all of the important promises kept like:

      No. 36: Expand loan programs for small businesses

      No. 33: Establish a credit card bill of rights

      No. 15: Create a foreclosure prevention fund for
      homeowners

      No. 58: Expand eligibility for State Children's Health Insurance Fund (SCHIP)

      No. 125: Direct military leaders to end war in Iraq

      No. 134: Send two additional brigades to Afghanistan

      No. 167: Make U.S. military aid to Pakistan conditional on anti-terror efforts

      No. 290: Push for enactment of Matthew Shepard Act, which expands hate crime law to include sexual orientation and other factors

      Guess war, rights and children having health care isn't important. Fact is JohnA, I know you don't care about how much good he does, you'll ignore it and deny it. I on the other hand realize that the President has done many good things, and lagged on others.

    • 2 years ago
  • JohnA
  • Daimyo
    • 0
      Daimyo  
    • JohnA:

      Bush said we'd be out of the war.. what happen to that? give the man a year for christ sakes. Bush had 8 and is one of the worst republican presidents in history!

    • 2 years ago
  • Nettle
  • CalPerr
  • JohnA
  • Saladin
  • clayjj05
  • current89
    • 0
      current89  
    • clayjj05:

      "Maybe if half these people went to work instead of standing out in front of a building thinking they were getting a free check from obama they wouldnt have to worry."

      You really are the typical conservative aren't ya. Michigan has one of the highest unemployment rates in the nation, and it isn't because people don't want to work, its because people aren't hiring.

    • 2 years ago
  • kennymotown
    • 0
      kennymotown  
    • clayjj05:

      And when Bush gave his cronies their money they just stayed at any of their 10 homes or villas and went to the mailbox to grab the check. Billions for the rich, the biggest tax cut in history for the top 2%. While we were at war unheard of in history a tax cut when a country was fighting a war. Pay no attention to the man behind the curtain.

    • 2 years ago
  • randomly
    • 0
      randomly  
    • clayjj05:

      "Maybe if half these people went to work instead of standing out in front of a building thinking they were getting a free check from obama they wouldnt have to worry."

      this is really fucking ignorant.

    • 2 years ago
  • CalPerr
  • JETaylor
  • Daimyo
  • kennymotown
  • Chique
    • 0
      Chique  

    • Good! Guess it would have to come from small community banks because the BofA sized banks certainly haven't been helping.

    • 2 years ago
  • kennymotown
more from Community:
from the community

top videos