By Catherine Dodge and Julianna Goldman
Oct. 24 (Bloomberg) — President Barack Obama called small businesses the “engine” of the U.S. economy and said too many are still struggling to get the credit they need to operate.
In his weekly address on the radio and Internet, Obama said the nation’s banks, supported by taxpayers in the economic crisis, now need “to stand by the creditworthy small businesses.”
“It’s time for those banks to fulfill their responsibility to help ensure a wider recovery,” Obama said. “We’re going to take every appropriate step to encourage them to meet those responsibilities.”
The president this week announced measures to open up credit for small business, such as capital injections for community banks to spur lending. Obama also asked Congress to raise the limits for Small Business Administration loans from $2 million to $5 million and as much as $5.5 million for manufacturing.
Read more at Bloomberg.com