Will it help?

Discussion in 'Politics' started by Old Rocks, Oct 21, 2009.

  1. Old Rocks
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    Old Rocks Diamond Member

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    Full Text: Obama’s Speech To Small Business Owners | Politics.MyNC.com


    Our recovery in the present and our prosperity in the future depend upon the success of America’s small businesses and entrepreneurs. And that’s why my administration has already taken aggressive action on their behalf.

    My recovery plan, as already been noted, raises the guarantees on SBA loans to 90 percent and eliminates costly fees for borrowers and lenders that can be too costly in a recession. And these changes are being implemented now, fulfilling a campaign promise that I made. The recovery plan also includes a series of tax cuts for small businesses and tax incentives to encourage investments in small businesses. And the Treasury Department has launched the Consumer and Business Lending Initiative to help unfreeze the credit markets.

    I’ve also proposed, as part of my budget, that we reduce to zero the capital gains tax for investments in small or startup businesses — expanding and making permanent one of the tax cuts in the recovery plan. And my budget, as part of our health care reform efforts, calls for tax credits and other assistance to help small businesses offer coverage to their workers.

    So we’ve already done a lot. But we’ve got to do more. And none of these steps will be effective unless we unlock the credit markets that are denying small businesses the loans they need to grow.

    Therefore, as part of my Financial Stability Plan, the Treasury Department will begin purchasing up to $15 billion of SBA loans through the Troubled Asset Relief Program, or TARP. We will immediately unfreeze the secondary market for SBA loans and increase the liquidity of community banks. Cynthia’s bank is going to be able to sell those $11 million loans so that she’s got more money to lend. (Applause.)

    So with this action, any lender that provides SBA small business loans will have a buyer for those loans. And in turn, community banks will no longer have to choose between providing loans to creditworthy small businesses and maintaining the required capital and liquidity.

    Now, this plan is the latest step –- but by no means the last step –- in our ongoing efforts to stabilize the financial markets on behalf of businesses and consumers. We’ll be outlining further steps on behalf of small businesses in the weeks and months ahead. And we will continue to do whatever is necessary to lead this economy out of recession and lay the foundation for long-term prosperity.
     
  2. Skull Pilot
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    Skull Pilot Platinum Member

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    No it won't help.

    The problem with small businesses that I am familiar with and those of acquaintances of mine is not necessarily getting star up money or loans. that has always been the first order of business for most people. And not all small business owners went to the SBA for a loan. I didn't and a lot of my friends that own businesses didn't.

    What's killing small business is taxes and fees are going through the roof.

    Our licensing fees went up almost 30%, Workman's comp went up over 20%. Because the government needs money the gestapo regulatory agencies are handing out $1000 fines if you don't have a government approved label on a bottle of Windex.

    Wait until idiot bills like cap and trade (trap and rape) are rammed down our throats. the cost of everything will go up as revenues go down.

    Yeah our president who never ran a business or worked a real job for that matter is a fucking idiot and is nowhere near qualified to tell us what's good for business.
     
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    Last edited: Oct 22, 2009
  3. chanel
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    chanel Silver Member

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    Most small businesses I'm familiar with make over 250K. Wait ril he rolls back the tax cuts. Credit in -taxed out. I'm no eonomist but it Doesn't seem like a recipe for growth to me.
     
  4. Diuretic
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    Diuretic Permanently confused

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    What's the natural market for small businesses anyway?
     
  5. editec
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    editec Mr. Forgot-it-All

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    This is good news.

    I'll probably be applying for an SBA loan soon.

    I think with a couple million bucks, I'll be able to put about ten curriculum development educators to work writing lesson plans.

    A couple million more, and I can hire people to work on creatig multimedia educational products, too.

    I think we'll need about five years to reach break even if we're funded properly.

    FYI, the products we hope to sell will have both foreign and domestic markets, too.

    Should help our balance of trade somewhat.
     
  6. Diuretic
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    Diuretic Permanently confused

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    You could buy the curriculum materials elsewhere probably, especially if you're looking at adult learners.
     

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