news U.S. President Obama to unveil proposals to help small businesses on Monday

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U.S. President Obama to unveil proposals to help small businesses on Monday


50 minutes ago




By The Associated Press

WASHINGTON - U.S. President Barack Obama has decided to provide billions of dollars in federal lending aid aimed at struggling small business owners.
The broad package of measures includes US$730 million from the stimulus plan that will immediately reduce small-business lending fees and increase the government guarantee on some Small Business Administration loans to 90 per cent.
Officials briefed on the plan say the government will also take steps to boost bank liquidity to help unfreeze the credit market.
Obama plans to announce the new measures Monday with U.S. Treasury Secretary Timothy Geithner at the White House.