Obama acts to boost small-business lending

Reporting from Washington -- Working to restart the economy's engine of job creation, President Obama announced Monday that the Treasury Department would invest as much as $15 billion to boost lending to credit-hungry small businesses.

Small businesses historically have created about 70% of the economy's new jobs, but the credit crunch has sharply reduced the volume of lending to small businesses.

"Today, too many entrepreneurs can't access the capital to start, operate or grow their business. Too many dreams are being deferred or denied by a form letter canceling a line of credit," Obama said after meeting at the White House with small-business owners and community bankers.

Published: March 18th, 2009

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