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Rep. Doris Matsui Applauds President Obama's Commitment to Helping Small Businesses

October 4, 2017
Press Release

FOR IMMEDIATE RELEASE
Monday, March 16, 2009

CONTACT: Alexis Marks or Mara Lee
(202) 225-7163

Rep. Doris Matsui Applauds President Obama's Commitment to Helping Small Businesses

Congresswoman Doris Matsui (CA - 05) issued the following statement in response to President Barack Obama's meeting today with Treasury Secretary Geithner, Congressional leaders, and small business owners to discuss the steps Democrats are taking to help the millions of small businesses bearing the brunt of the credit crisis:

"As we all know, small businesses are the heart of the American economy. They are responsible for half of all private sector jobs and they've created about 70% of all new jobs in the past decade. In a challenging economy, and at a time when Sacramentans are struggling to make ends meet, I am encouraged by the Administration's commitment to our local businesses.

"This financial crisis has put many small businesses at risk. The President's proposal announced today will immediately help small businesses obtain much needed credit to keep their businesses afloat. We understand that access to credit is critical for small businesses to retain their employees, and expand their businesses. The President and I share the belief that our recovery in the present, and our prosperity in the future, depends upon the success of America's small businesses and entrepreneurs."

Specifically the President's proposal, announced today will:
andbull; Jumpstart credit markets for small businesses by purchasing up to $15 billion in securities;
andbull; Temporarily raise guarantees up to 90% in the Small Business Administration's (SBA) 7(a) loan program;
andbull; Temporarily eliminate certain SBA loan fees to reduce the cost of capital;
andbull; Require new reporting requirements on bank lending to small businesses and greater efforts to extend small business loans;
andbull; Issue guidance for an expanded carryback provision on part of the American Recovery and Reinvestment Act's comprehensive tax cut package for small businesses.

Further details can be found at: http://www.whitehouse.gov/the_press_office/Remarks-by-the-President-to-small-business-owners-community-lenders-and-members-of-Congress/
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