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

Obama unveils plan to help small businesses

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/POLITICS/10/10/campaign.wrap/art.obama.ohio.ap.jpg caption="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. Matt in Pittsburgh

    Sen. Empty suit, the marxist, has nothing in his background to suggest these are antything more than just words to get elected by.

    I'd rather hear the senator tell us more about his "non" relationships with ACORN, Bill Ayers, Rev Wright, Franklin Raines, Calipso Louie Farrahkan.

    Or better still, we can all sit around the campfire and let Joe Biden tell us more stories about what he watched on tv in 1929.

    Or we can all just sit here and read the garbage that the paid liberal bloggers are printing based on the talking points memo they received from Howard "52 states" Dean this morning.

    Remember the federal govt. cannot give you anything that it doesn't first take away from someone else.

    October 10, 2008 02:43 pm at 2:43 pm |
  2. j. williams

    all the years that obama has been a State and U.S. Senator (all those few years) and has no legislation to stand on, except making the critical choices of voting present. The chosen one now has all the plans and changes and promises to save America.. No experience-No Obama-no thank you...

    October 10, 2008 02:43 pm at 2:43 pm |
  3. proud army and navy mom

    This is an excellent idea. If you are going to bail out people, let it be the small businesses.

    October 10, 2008 02:43 pm at 2:43 pm |
  4. great idea, but...

    This man changes his position HOURLY... now as we near the elections, he comes out wanting to eliminate capital gains tax – which is the exact thing John McCain has been saying all along. Funny how Obama was so 'tax, tax, tax' up until now. Voters are crazy if they think he's going to cut taxes after he is elected. And the only reason he comes up with this now is because he HAS to. Earlier this week, he asked his advisors for ideas on how to stimulate the economy – so this is undoubtedly him taking credit for one of those ideas one of his advisors came back with. Again, I don't believe for one minute he is going to be this diligent and proactive once he gets the big white house!

    October 10, 2008 02:44 pm at 2:44 pm |
  5. Ed, FL

    That is the steady leadership the country needs right, not the old erratic behavior.
    Obama/biden 08 &12

    October 10, 2008 02:44 pm at 2:44 pm |
  6. ntiin kumar

    Keep at it MR. Obama, this is a new voter for you, I have made up my mind in the last week to who I am going to vote for, it seems that McCain has lost his mind, I used to love the guy, but he has sold his soul to the devil to get the white house, and He will never have peace with himself whether he wins or loses the election, the only plan he has is to call you a terrorist and his supporters now want to kill you. I think america is greater than that, but shame on McCain who seems like a racist everyday he talks, I really loved the guy but he ain't no maverick no more.

    October 10, 2008 02:44 pm at 2:44 pm |
  7. CD

    I hope those conservatives (and they call themselves Christians) and bigots who won't be persuaded that the color trouble they should have is not BLACK or WHITE but GREEN should vote in McCain; This is because as a history student I always wondered how Rome of all empires collapsed and would have been fun to see it for myself. I think my fellow Americans are about to make my dream/nightmare come true when they vote McCain because i know our country will go down not just in economic flames but political one too.

    October 10, 2008 02:44 pm at 2:44 pm |
  8. Beah

    As a small business owner, I definitely need the break of paying taxes. I do make six figures but not $250,000.00.

    October 10, 2008 02:45 pm at 2:45 pm |
  9. Praetorian


    Mr. Obama...if federal dollars will be used for this then they will be subject to current laws restricting non-minorities from being eligible. Aren't there already loans and grants for creation of minority enterprises? If you want to remove the ideology from the debate–open the funds for all Americans.

    Unless there is a waiver–this "gimme" will only be availabe to women, native Americans, hispanics, blacks, asian pacific Americans. If you want to "stoke up a crowd Mr. Obama" just try dedicating even more of taxpayers dollars to programs that discriminate against working white men trying to estalish their own business. Despite common myth–most do not have rich Republican Fathers or Uncles.

    October 10, 2008 02:45 pm at 2:45 pm |
  10. Dennis

    Music 2 ma ears!!! Keep it up barack. NO mccain, NO palin, NO america of the past!!!

    October 10, 2008 02:47 pm at 2:47 pm |
  11. Jennifer - American in Canada

    The post "Palin: Obama puts Ambition over Country" is really a sad reflection on how far the McCain camp will go with this smear campaign. Coming from someone who didn't blink when offered the position of VP after a brief meeting with McCain itself speaks volumes for the case of "Blind Ambition."
    The Issues Mrs Palin is really what the Americian people are interested in.....that would be a good example of putting Country first. Its the Economy stupid!

    October 10, 2008 02:49 pm at 2:49 pm |
  12. Eric J.

    One House
    One Car
    One Spouse
    OBAMA 08

    Maybe if McCain and Cindy sell off some of their homes and fleet of cars we can stop this economic crises. I understand why McCain does not like Obama's tax plan, he and Cindy would have to pay more. So much for being patriot Huh..
    What about Palin, paling around with the Alaska independence party? is that a group who love's their country? What about McCain sitting on the board of a company with members who were dead smack in the middle of Iran -Contra scandal?
    Let be fair media..would someone please dig up the truth on that..

    October 10, 2008 02:50 pm at 2:50 pm |
  13. Mark

    Want to know the easiest way to tell someone isn't being a 'pragmatist'? When they feel the need to call themselves one. If Obama really was, it would be apparent without saying so. I will give Obama and the Democratic party credit. They have scared the hell out of the middle of the road folks into thinking government (under them) will solve their problems. Welcome back to the late 70's under Carter if Obama does win.

    October 10, 2008 02:52 pm at 2:52 pm |
  14. Jeane

    Rather than spending precious time and energy on belittling John McCain, Barack Obama is actually spending his time searching for solutions to help small businesses and people in this time of economic crisis. There is absolutely nothing presidential about John McCain's current campaign and actions, and he should follow in Barack Obama's footsteps to try to seek out ways to ease the burden of this economic crisis that is plaguing all Americans. Sarah Palin and John McCain need to stop their negative and hate-mongering "campaign to nowhere" and pay attention to what the American people really want to hear–solutions to solve the economic crisis that is threatening our great nation.

    October 10, 2008 02:54 pm at 2:54 pm |
  15. Allen

    obama do us all a favor step down. You have as much experience as my dog! VOTE INDEPENDENT.......(former democrat)

    October 10, 2008 02:54 pm at 2:54 pm |
  16. Heather

    Go away racists. Find a real reason to oppose Obama.

    October 10, 2008 02:55 pm at 2:55 pm |
  17. Preco, NY

    I hear you Obama!!!

    Americans reward leaders who stand by them in trying times such as we have seen in the past weeks.

    Americans will remember the leader who stood by their side, became a voice of hope and reason at a time they could not reason clearly, we Americans will remember, we will.

    On November 4th 2008 Americans will reward "That one" who was Presidential, calm and focused. we will remember "That one" who made sure Main street was not left out of the bailout negotiations.

    On November 4th 2008 Americans will vote NO to the politics os slime, smear tear down, win at all cost. Americans will vote No to politics of fear, incitment to anarchy and politics of my way or the high way!!

    McCain Enough!!!!!

    God bless America.

    October 10, 2008 02:56 pm at 2:56 pm |
  18. Impartiality

    Now, let's see, what exactly is the definition of "small business"? And, if it is what I think it is, since when do they need capital gains tax relief?

    October 10, 2008 02:58 pm at 2:58 pm |
  19. NoMccain

    This is the leader we need.
    We need to get rid of Bush today and replace him with Obama... let's go ahead and make this official right now when we need him, before the incumbents make any more bad decisions that will reck our economy for centuries.

    October 10, 2008 02:59 pm at 2:59 pm |
  20. JL

    So, Obama is trying to offer solutions to the problems americans are facing and McCain is trying to stir up racial tension and hate.

    That, my friends, is the fundamental difference between the two candidates.

    October 10, 2008 03:04 pm at 3:04 pm |
  21. BJ in NC

    Steady as you go President Obama!!!!!

    October 10, 2008 03:06 pm at 3:06 pm |
  22. Matt--Nebraska

    Mr. Barack "Don't have a clue" Obama is an ignorant hack.

    Luckily, the country is wising up to his lies.

    October 10, 2008 03:06 pm at 3:06 pm |
  23. Rick

    Holy cow, the more one looks into Barack Obama's past the more corruption is uncovered. There has never been a more corrupt, lying person to run for office.

    October 10, 2008 03:07 pm at 3:07 pm |
  24. Indy2008

    great great idea... but

    This is what a president does. He is human he is not going to know everything but the fact that he is willing to ask those that do know shows his leadership abilities. That is the problem with McCain he is so much of a "maverick" that he is not even working with his own advisors or party for that matter. He has put winning above what is best for the country. He know it all but want share what he knows until he is elected. He doesn't care about this country. He has said as much and now he is showing it!

    October 10, 2008 03:08 pm at 3:08 pm |
  25. Farrell, Houston, Tx

    Stay on "ECONOMIC" message Senator Obama. Let McCain and Palin continue to run their "Gossip Magazine".

    October 10, 2008 03:08 pm at 3:08 pm |
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