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 Americas small businesses and entrepreneurs. And thats 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. Ive 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 weve already done a lot. But weve 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. Cynthias bank is going to be able to sell those $11 million loans so that shes 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. Well 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.