New bill creates billions for small business lending

September 27, 2010 2:24:49 PM PDT
President Obama signed a small business bill into law that he says is an important step in the nation's recovery.The bill creates a $30 billion fund to increase lending to small business, and it cuts small business taxes by $12 billion.

Suburban Democratic Congresswoman Melissa Bean, a member of the U.S. House small business committee, attended Monday's ceremony.

"It was great to be present and witness the president's signature on this important legislation for small business across America, very exciting," Bean said. "Access to capital has been a big issue, and it's been stifling their growth because they haven't been able to get it. So, this is going to provide credit to many small businesses who need it so they can grow."

"Small businesses provide most of the new jobs in this country. They are the anchors of our Main streets," said Pres. Barack Obama.

The president stressed that growing businesses mean more jobs.