Obama to Loosen Credit for Small Industries
After spending billions of dollars to provide financial assistance to big industries reeling from the economic recession, President Barack Obama has focused his stimulus effort in helping small-scale businesses by injecting more than $15 billion to this economy to buy its loans.
This new move is significant as small industries generate nearly 70 percent of jobs for the past few years.
After spending billions of dollars to provide bailout packages to big companies reeling from the impact of economic recession, President Barack Obama has focused his stimulus effort in helping small-scale businesses which have generated nearly 70 percent of employments for the past few years.
According to AFP report, Obama is proposing a $15 billion aid for small industries to buy its loans which in turn can also lessen the burden of mortgage lenders. If this plan will succeed, banks could loosen their credit lending and allow small-scale businesses to borrow money to keep its finances afloat.
“Small business owners deserve another chance because they are the heart of the US economy and the American dream. We need to do something to help this sector”, Obama said.
According to some experts, the $15 billion bailout plan for the small businesses sector can provide immediate help for those common entrepreneurs who are experiencing low profit due to recession.
Recently, the government was under criticism as it handed bailout packages worth billions of dollars to big industries at the expense of taxpayers who need to pay for the deficit. Most companies that received bailout package have faced bankruptcy due to poor financial practices of its executives.
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