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White House Eyes Bailout Funds to Aid Small Firms
Written by Luis Luarca   
Saturday, 11 July 2009 09:08

The Obama administration is developing an initiative to take money from the $700 billion rescue program for the banking system and make it available to millions of small businesses, which officials say are essential to any economic recovery because they employ so many people, according to sources familiar with the plan.

The effort would represent a striking shift from the rescue program's original mandate, since it would direct billions of bailout dollars toward a plan that aims more at saving jobs than at righting the financial system. Some economists estimate that small businesses, defined as firms with fewer than 500 workers, employ most of the country's workforce.

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NFIB represents the interest of small and independent business owners before federal and state legislative and executive branches of government. As a matter of policy, NFIB does not endorse or promote the products and services of its members.

 

Luis Luarca is a governing member of the National Federation of Independent Business.
NFIB represents the interests of small and independent business owners before federal and state legislative and executive branches of government.

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