Obama announces $15B small-business credit plan

03/16/2009 | American City Business Journals

The Obama administration on Monday unveiled its long-awaited plan for freeing up entrepreneurial capital by creating a secondary market for SBA loans. Under the plan, the Treasury Department will buy up to $15 billion in securities tied to existing loans with the aim of freeing up capital for new loans. Calling small businesses "the heart of the American dream," Obama lamented that "too many entrepreneurs can't access the capital" needed to help pull the country out of recession.

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