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Thread: Full Text: Obama’s Speech To Small Business Owners (10-21-09)

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    Full Text: Obama’s Speech To Small Business Owners (10-21-09)

    Full Text: Obama’s Speech To Small Business Owners | Politics.MyNC.com

    My recovery plan, as already been noted, raises the guarantees on SBA loans to 90 percent and eliminates costly fees for borrowers and lenders that can be too costly in a recession. And these changes are being implemented now, fulfilling a campaign promise that I made. The recovery plan also includes a series of tax cuts for small businesses and tax incentives to encourage investments in small businesses. And the Treasury Department has launched the Consumer and Business Lending Initiative to help unfreeze the credit markets.

    I’ve also proposed, as part of my budget, that we reduce to zero the capital gains tax for investments in small or startup businesses — expanding and making permanent one of the tax cuts in the recovery plan. And my budget, as part of our health care reform efforts, calls for tax credits and other assistance to help small businesses offer coverage to their workers.

    Therefore, as part of my Financial Stability Plan, the Treasury Department will begin purchasing up to $15 billion of SBA loans through the Troubled Asset Relief Program, or TARP. We will immediately unfreeze the secondary market for SBA loans and increase the liquidity of community banks. Cynthia’s bank is going to be able to sell those $11 million loans so that she’s got more money to lend. (Applause.)

    So with this action, any lender that provides SBA small business loans will have a buyer for those loans. And in turn, community banks will no longer have to choose between providing loans to creditworthy small businesses and maintaining the required capital and liquidity.
    Last edited by Aunt Spiker; 10-21-09 at 03:29 PM. Reason: Rewriting title

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    Re: Full Text: Obama’s Speech To Small Business Owners (10-21-09)

    And my budget, as part of our health care reform efforts, calls for tax credits and other assistance to help small businesses offer coverage to their workers.
    He just blew it...
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Full Text: Obama’s Speech To Small Business Owners (10-21-09)

    LOL

    So Tarp went from buying troubled assests ... to bailing out big honking businesses, some of which still failed and sold out to foreign sources, on to supporting small businesses and being a loan-squid.

    Hoooah - that makes sense. MMHMM.

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