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Obama tries to loosen credit for small businesses
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Topic: Obama tries to loosen credit for small businesses (Read 1141 times)
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oldiebutgoodie
Monkey Junky Jr.
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Posts: 595
Obama tries to loosen credit for small businesses
«
on:
March 17, 2009, 12:06:21 AM »
FROM THE ARTICLE:
Quote
WASHINGTON – President Barack Obama freed billions of dollars to help the nation's small businesses on Monday, hoping to get credit flowing again to Main Street, not just Wall Street. He heaped praise on the little guys of American industry, often overshadowed in the blitz of government bailouts.
The centerpiece of Obama's latest plan will allow the government to spend up to $15 billion to buy the small-business loans that are now choking community banks and lenders. That, in turn, could allow those banks to start lending money again to small companies to invest, pay bills and stay afloat.
"You deserve a chance. America needs you to have a chance," Obama said in an appeal to all those who run small businesses or hope to one day.
Obama's effort was, at one level, fundamental to helping the economy rebound. Small businesses have created about 70 percent of the new jobs over the past decade, and as their credit lines have dried up, so has their ability to thrive or survive.
[...]
Normally, primary bank lenders can issue loans to small businesses and then sell those loans to what's known as a secondary market of bigger bankers. The sales allow the community lenders to make even more loans and keep the credit cycle going. But that isn't happening. Skittish investors have been staying away.
So under Obama's plan, the government will start buying up many of the loans directly, with terms to be worked out as soon as the end of the month. The $15 billion will come from a bailout plan already approved by Congress to rescue the financial sector. Obama aides say the plan will offer fast, direct help.
[...]
The White House unveiled a series of other steps to help lenders, including bigger lending guarantees, reduced fees and quicker turnaround times for loans. Geithner made a blunt appeal to banks to start lending to businesses again. He said the danger now is that banks are taking too little risk, not too much.
"You banks need to make the extra effort to make sure that good loans are getting to creditworthy small businesses, in order to serve the larger public good," Geithner said. "And given that role that many banks played in causing this crisis, you bear a special responsibility for helping America get out of it."
LINK
I don't believe anyone will think helping out small business is a
bad
thing. In my mind, owning your own business, feeding that entrepeneurial spirit, is all part of building the American dream. We need our "small" business men and women to succeed. It's good for us all.
I am in agreement with Mr. Geithner's last remarks:
"You banks need to make the extra effort to make sure that good loans are getting to creditworthy small businesses, in order to serve the larger public good," Geithner said. "And
given that role that many banks played in causing this crisis, you bear a special responsibility for helping America get out of it
."
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