Obama to Back Raising Small Business Loan Limits to $1 Million
President Barack Obama will today back a temporary increase in Small Business Administration Loans from $350,000 to $1 million to encourage small business hiring, an administration official said.
Obama will announce his support for the higher loan limits and SBA assistance for commercial mortgage refinancing when he appears at a small business in Lanham, Maryland, according to the official, who spoke on condition of anonymity. The two proposals would require congressional approval.
Obama has called job creation his top priority this year as administration projections forecast the unemployment rate to average 10 percent through 2010.
Obama has previously endorsed $33 billion in small business tax cuts and incentives for hiring as well as a plan to use $30 billion of bailout money paid back by Wall Street financial institutions to help community banks make loans to small businesses.