I don't know about you, but for everyone who's aspiring to become an entrepreneur, I don't know if I can risk trusting our economy. Small businesses have suffered greatly due to the economy and its financial instability. So when I read this article about Obama coming to the aid of small businesses, I was a bit elated.
President Obama's administration will buy up to $15 billion of securities that are linked to small-business loans. This gesture will in turn, increase economic growth within the economy and encourage lenders to give loans to "mom-and-pop" businesses. This will increase loan guarantees for small businesses up to 90% of the loan value.
The Obama administration believes that the country's "economic recovery will be driven in large part by America's small businesses" and rightly so, considering that about 70% of jobs have been created by these businesses over the past 10 years.
This plan is supposed to take effect by the end of March.
Sources:
"Obama Acts to Aid Small Businesses"
By: Helene Cooper
Published: March 16, 2009
8th blog?
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