President Weekly Address: Working with Small Business to Drive Recovery

-65 percent of all new jobs over the past decade and a half – and they must be at the forefront of our recovery.

-the Recovery Act was designed to help small businesses expand and create jobs. It’s provided $5 billion worth of tax relief, as well as temporarily reducing or eliminating fees on SBA loans and guaranteeing some of these loans up to 90 percent, which has supported nearly $13 billion in new lending to more than 33,000 businesses.

-Called on Congress to increase the maximum size of various SBA loans, so that more small business owners can set up shop and grow their operations.

-we’ll be taking additional steps through our Financial Stability plan to make more credit available to the small local and community banks that so many small businesses depend on.