Obama eyes bailout cash for small loans

February 3, 2010

By: Kara Rowland, The Washington Times.com

Trying to get a handle on the nation’s sky-high unemployment rate, President Obama on Tuesday pushed for using $30 billion in Wall Street bailout money to encourage community banks to lend to credit-starved small businesses.

The tax break for about 8,000 smaller banks, which Mr. Obama unveiled at a town-hall event in Nashua, N.H., is the latest in a series of policies that aim to spur job growth by easing the burden of the recession on smaller firms, which both parties say are key to hiring new workers.

“These are the small, local banks that work most closely with our small businesses – that provide them their first loan, and watch them grow through good times and bad,” Mr. Obama said.

To continue reading this article: http://www.washingtontimes.com/news/2010/feb/03/obama-eyes-bailout-cash-for-community-banks/

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