Economic Recovery Efforts Help Small Businesses Access Credit and Create Jobs

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Today, Majority Leader Steny H. Hoyer (MD) joined President Obama in Landover, Maryland for the President's announcement of new initiatives to give small businesses the tools they need to thrive, create jobs and help drive the nation’s economic recovery. To support small business lending and provide more access to credit, the President announced steps to support lending by small banks and Community Development Financial Institutions (CDFIs) through the Financial Stability Plan and will seek legislation to increase the maximum size of three types of Small Business Administration loans. This announcement builds on actions taken earlier this year by the Obama Administration and Congress to assist and increase the flow of credit to small businesses. Access to credit is vital for small businesses so they can stay open and keep people employed, as well as expand and create new jobs.