October 10th, 2008
12:45 PM ET
6 years ago

Obama unveils plan to help small businesses

Sen Barack Obama speaks during a rally in Chillicothe, Ohio, on Friday.
Sen Barack Obama speaks during a rally in Chillicothe, Ohio, on Friday.

JEFFERSON CITY, Missouri – Sen. Barack Obama on Friday unveiled a plan to help rescue small-business owners struggling to stay afloat in the sinking economy.

Obama, the Democratic presidential nominee, called for a program of loans for small businesses made through either the federal Small Business Administration's Disaster Loan Program or by private lenders. The private loans also would be guaranteed by the SBA, Obama said.

Watch: Obama blasts GOP tactics

The plan also would eliminate all capital gains taxes for small businesses and start-ups, Obama said during a rally in Chillicothe, Ohio. He said a similar program was created after the September 11 terrorist attacks.

"This is not a time for ideology. This is a time for common sense and a politics of pragmatism," Obama said. "The test of an idea must not be whether it's liberal or conservative - whether it's Republican or Democrat. The test should be whether it works for the people of Chillicothe, the people of Ohio and the American people."

Saying "it's easy to rile up a crowd by stoking anger and division," Obama also chided his Republican rival, Sen. John McCain, for running "misleading ads" and pursuing "the politics of anything goes."

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Filed under: Candidate Barack Obama
soundoff (95 Responses)
  1. Jeff Schade

    Its funny that McCain is what, 30 years older than Obama, yet he's acting like a 12-year old with a behavior problem.

    October 10, 2008 03:09 pm at 3:09 pm |
  2. Carlton in Carlsbad

    "This One" voted for "That One".

    October 10, 2008 03:10 pm at 3:10 pm |
  3. Michael

    To all those saying that Obama is constantly flip-flopping: Can a person not change their mind? Can a person not react to an ever shifting situation? Its called thinking on your feet, and I'd much rather have a President with a shorter record, who thinks on their feet, than a President who sits on their butt and complains about nothing getting done and then tries to pin it all on anybody but themselves.

    October 10, 2008 03:11 pm at 3:11 pm |
  4. Bulldog

    The Republicans are using gutter attacks across the board. Here in Michigan all I see are attacks on the Democratic opponents but nothing about how the Republicans will better this country. When they attack it means they have no solutions or good ideas to offer.

    Vote Democrat – The Republicans have no Solutions

    October 10, 2008 03:17 pm at 3:17 pm |
  5. CANADIAN CLUB

    IN A COUNTRY THAT CONDUCTED A CLEANSING AGAINST COMMUNISTS, BOTH REAL AND IMAGINED,YOU SEEM TO HAVE A GREAT AFFECTION AND TOLERANCE FOR NEO NAZIS LIKE RUSH LIMBAUGH, SHAUN HANNITY, ANNE COULTER, SARAH PALIN AND THE REST OF THE SCUMS POPULATING THE REPUBLICAN PROPAGANDA MACHINE.

    October 10, 2008 03:17 pm at 3:17 pm |
  6. Spencer/Commonwealth of Virginia

    A real to solution to an ongoing problem. I give it a day or two before McShame tries to make this plan his own.

    OBAMA/BIDEN 08

    October 10, 2008 03:17 pm at 3:17 pm |
  7. Jody Monroe

    It's about time someone acknledges the importance of small business and their contribution to America! Small business owners are an important part of our economy, both RURAL and URBAN locations.

    How did your grand parents and great-grand parents earn their livings? Most of them were entrepreneurs and small business owners. We've stretched our corporations and governments too much, it's time to get back to basics - small businesses, which are the backbone of the U.S.

    October 10, 2008 03:17 pm at 3:17 pm |
  8. Peggy

    So much credit is given to Obama for "running " the democratic campaign with dignity. Give me a break. He's just lapping up the gaga of some of you. He's afraid of McCain and the morality he stand for. He's so scared of Gov Palin precisely because she is articulate, strong, intelligent, independent, and speaks the truth.
    You are all free to find out the truth about his past for yourselves, it's all out there if you just choose to see. I am so afraid that Obama will be elected and our country given away to socialism, islam, and all the immoral lies that have been perpetrated in his campaign. Please, open your eyes and your hearts and SEE the truth. Blow away the smoke screen.............

    October 10, 2008 03:17 pm at 3:17 pm |
  9. irish

    You Obama supporters are fools!!! this guys flips every on an issue everyday. He was slamming McCain for cutting the capital gains taxes, now he says he is for the cutting of captial gains. what a idiot.

    He'll never get my vote or my friends and families vote.

    He has no idea what he is doing

    October 10, 2008 03:19 pm at 3:19 pm |
  10. jm for sc

    To great idea, but..., would you perfer a president that does not pay attention the the conditions we are in? As conditions change then plans change. If many will take the time and recall, Obama spent so much time defending the fact that he is HUMAN until he didn't have much time to lay out his plans for us. If Obama was a white candidate against McCain with the same message, he would be about 35 point up in the polls.

    America, God is a God of all people regardless of what the color of our skin is.

    October 10, 2008 03:20 pm at 3:20 pm |
  11. jm for sc

    Look deeper, while you are researching, look up racism.

    Obama/Biden 08

    October 10, 2008 03:22 pm at 3:22 pm |
  12. voter

    at least Obama is talking about the economy and proposing a plan. McCain has not discussed the economy or the stock market. when the media ask the McCain camp this morning the reason for this they said that they are not cnbc. There is nothing he can do except to tell wall street to fix the problem. wow, some leadership from McCain.

    October 10, 2008 03:23 pm at 3:23 pm |
  13. Chuck

    THE MAN WITH THE PLANS IS THE MAN IN COMMAND.

    OBAMA / BIDEN

    October 10, 2008 03:23 pm at 3:23 pm |
  14. Janine

    To everyone:

    Please check online to make sure you are registered to vote even if you have your registration cards. Thousands of people have been purged from the voter registrations files and your vote will not count. And it's coming out that it is mostly Democrats (they haven't released numbers). Several people in my workplace checked on our state's website and it says "no records found". Don't be fooled by the Republicans.

    October 10, 2008 03:23 pm at 3:23 pm |
  15. As the 'Paign Turns

    I'm the owner of a small business – two person company that occasionally hires subcontractors. Business was slow this summer, we hung in there. It's ok at the moment, but if the economy continues to tank, it may not be so good come winter. My business serves other small businesses and start-ups – if they get a break, I'll be busy too. Thank you Senator Obama – yes we CAN!

    October 10, 2008 03:23 pm at 3:23 pm |
  16. Brandon

    I guarentee that none of these ignorant fools calling Obama a Marxist has ever even read Marx or know what they are talking about. The anti-intelectualism on the right has destroyed the Republican party and made it an international laughing stock. Obama has absolutely nothing in common with Marx by the way, but I guess that makes me an elitist for knowing what I am talking about...

    October 10, 2008 03:24 pm at 3:24 pm |
  17. Jatovi, NC

    I don't understand. Some peopleare going to ignore this, but this is an idea. Ideas are currently what we need to fix our financial crisis. I don't care about the college professor Bill Ayers and his relationship with Obama while they worked to improve education. I don't care if you think because of a photo that the republican camp first approved for newsweek but now they complain that "it doesn't make Palin look beautiful."(Can we say celebrity.) The only thing I care about is an idea or a plan to help us get out of this financial crisis. Obama has come up with a legitimate plan or idea to help. This is leadership. This is the right way to go. Inciting hate is the wrong way. If you watch the McCain rallies or town halls lately all you see and hear from the crowds is hate. This needs to stop. Obama has run a great campaign and has a really great message of coming together.

    October 10, 2008 03:25 pm at 3:25 pm |
  18. Jay in MA

    I'm an Obama-Bot...

    I got my email from Howard Dean today telling me what to write here...

    I will get my check next week...

    Vote Obama...

    October 10, 2008 03:25 pm at 3:25 pm |
  19. New Civil War has begun

    So how is taxing small businesses to the point of failure considered "helping?"

    October 10, 2008 03:26 pm at 3:26 pm |
  20. Sad Obamaphiles

    I love how McCain's 401K plan from today is great and this one is the same thing McCain has been saying all along, but these tweeny Obamaphiles are here praising this and bashing McCain. Pitiful. Obama hasn't even really turned us Dems away from him – it's his pathetic supporters and their single-digit IQs.

    October 10, 2008 03:26 pm at 3:26 pm |
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