This morning, President Obama announced more details of his new initiative to boost credit available to small business owners. The new plan includes $730 million from the stimulus plan to reduce fees and increase government guarantees on small business loans, tax breaks for small business owners, and more pressure for banks that take government funds to increase small business lending.
Obama said that he has pressed his economic team to help owners of small businesses and that the announced initiatives are only a first step. See details of the small-business lending boost announced this morning.
Meanwhile, New York City recently received funding to expand the services and training offered to new business owners. NYC is running 6-day intensive FastTrac NewVenture boot camps and other training and business incubation programs for entrepreneurs. Learn more about FastTrac in New York City.
This is encouraging news for small business owners and for all Americans. It’s hard to argue with the fact that the country needs entrepreneurs and entrepreneurial spirit to lead us to financial recovery.
And as an article in the Friday New York Times documented, more and more discouraged job hunters are seizing control and starting their own businesses. Some of the greatest entrepreneurial ideas in history have emerged during recessions. Could yours be the next one? Read my passionate post on this topic from January.