March 16th, 2009
10:07 AM ET
9 years ago

Road to Rescue: A White House lifeline to small biz

NEW YORK ( - President Obama and Treasury Secretary Tim Geithner will elaborate Monday on the administration's plans to make lending to small businesses more attractive, two senior administration officials confirmed.

Many small businesses, drowning from dried-up coffers and unpaid bills, are having a tough time getting loans from lenders. In the last three months of 2008, banks made 57% fewer loans through the Small Business Administration's main lending program than they did a year earlier.

The total loan volume processed through the program plummeted to $1.94 billion, down 40% from 2007's $3.24 billion.

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soundoff (14 Responses)
  1. Lotta Muni

    Let's see if THIS Geithner-Obama maneuver lands with the same kind of resounding "thud" that their banking "masterplan" did last month. It's looking more and more like America bet on the wrong horse this Presidntial season. Clearly Clinton's (and even McCains) finacial strategies had far more specifics for addressing economic troubles than any of the vague cloudy proposals we've seen from the Obama White House. Heaven help us all.

    March 16, 2009 11:20 am at 11:20 am |
  2. Minnesotan

    Help for small businesses? What a novel idea! Why didn't the Republicans ever offer to help small businesses? Oh, yeah... they're a bunch of greedy crooks who are out of touch with reality and in corporate America's pocket. Another great idea, Mr. Obama!

    March 16, 2009 11:21 am at 11:21 am |
  3. John

    I love how, to Republicans, the 5,000 points that the market lost under Bush weren't Bush's fault, or the fault of Republican economic policies, but the 3,000 points lost under Obama (that are just a continuation of the same slide) are a stirring criticism of Obama's presidency and economic policies.

    March 16, 2009 11:33 am at 11:33 am |
  4. JJ

    Let me get this straight. You're going to raise my taxes because I make over 250K, but then make it easier to get a loan to pay them????? Right........ Sounds like a great plan....

    March 16, 2009 11:37 am at 11:37 am |
  5. JJ

    Hey John you have it all wrong. It's the 8,000 points the market lost since the Dems took control of the House and Senate.

    March 16, 2009 11:42 am at 11:42 am |
  6. In Houston, TX

    Conservatives, Republicans...GOP! Lend me your ears!
    What are you guys doing? Your anger and spite at the American people for rebuking your party and conservative ideas is seen in your posts. Obama comes out with a plan to help small business. The people your party used to champion. I hear repuglicans talk about the small businessman all the time. That's who you guys look out for, the small businessman.
    I thought you would be happy that the Obama administration put something on the table to benefit the small businessman. A way to help the small businessman. But nooooooooooo! The details haven't even been release and you are labeling it a future failure.
    Is there any hope for the small business man?
    Is there any hope for America?
    Is there any hope for you? because right now, your party looks and sounds HOPE – LESS. You are devoid of hope. That is why Rush Liimbaugh leads your party and that is why you guys lost in the past few elections...NO HOPE

    March 16, 2009 11:46 am at 11:46 am |
  7. Jim

    The day of the small business owner is coming to an end. The big boys can get all the hand outs they want, but the small guy gets shot down at every turn. Regions, US Bank, both receipents of bail out money are turning down the small business applications right and left. Seems they are not stable.

    March 16, 2009 11:49 am at 11:49 am |
  8. still hoping

    and the last time congress decided to make loans available when otherwise people couldn't afford them or get them we were left with the banking bubble.

    So, let's try it again in the business sector to see if it is successful this time.

    Isn't stupidity defined as trying the same thing over and over and expecting different results?

    Now that's change we can count on!!! Yes we can!!!

    March 16, 2009 11:51 am at 11:51 am |
  9. Mike

    John you are also forgetting before the Dow lost 5000 points under Bush we reached a new high and gained 4000 points....

    We didn't lose the 5000 points until the dems took over it isn't that we is simply that another event caused the crash.

    March 16, 2009 11:56 am at 11:56 am |
  10. Lotta Muni

    Let's remember that the downturn in the economy has occured over the last two years, while Dems were incontrol of the house and senate. It amazes me that they said all last fal during the campaign that hey had seen this coming, but noone ever calls them on why they took no action. I guess that's because they didn't want to risk Bush getting credit for pulling the nation's economic nuts out of the fire and they knew that if the economy soured during the election year it would give the Dems sufficient spin to use against the republicans.
    As a Democrat I find this repugnant, to put political gain ahead of the economy, but as we've seen from Nancy Peolsi, this kind of maneuvering is business as usual with the new Democratic leadership.

    March 16, 2009 12:03 pm at 12:03 pm |
  11. Scott, Tucson

    Small business needs tax breaks but that's not going to happen with the Dems in charge, so they will need the bank loans so they can cover the upcoming Obama taxes that's going to hammer them!

    March 16, 2009 12:12 pm at 12:12 pm |
  12. Pete

    @Lotta Muni

    Please enlighten me as to what programs were implemented by the democratic congress that have impacted the economy negatively.

    I don't want history, or I will go back to 2001-2006; rather, I want specific programs sponsored and implemented by the dems, signed and not vetoed by Bush, and rolled out as law.

    March 16, 2009 12:12 pm at 12:12 pm |
  13. Veteran in Kansas

    When Gerorge HW Bush left office the recession that Clinton received was Bush's downturn in the market. When Gerorge W Bush took office everything for the first 7-1/2 years was Clinton's fault, then during the last 6 months it was acknowledged that there might have been one or two things that might have been done better. Now with less than 60 days in office there are individuals that want to blame President Obama for the economy that took 8 years to create.

    No JJ your taxes are not going to be raised because you make more than 250K per year so someone can repay a loan easlier. Your taxes are going to be raised because the nations economy has been good to you and it is time that you help pay your fair share into the coffers. I love being an American and doing what I can do for my country, I only wish that I had you problems with having to pay higher taxes because I had errored in my ways and madein excess of 250K per year.

    And no JJ the market is a result of the Bush adminstration and their banking policies. It takes talent to take an economy with a balanced budget and a surplus and in a matter of 8 years bankrupt a nation. I hope you made lots of money during those years because it be time to pay the piper now.

    March 16, 2009 12:13 pm at 12:13 pm |
  14. JJ

    Hey Pete. It was their inaction when they were warned about the impending crash of Fannie and Freddy (Franks and Dodd). The resolution to pull these companies in never make it out of the Dem controlled committee to start...

    March 16, 2009 12:25 pm at 12:25 pm |