Today, President Obama introduced some new initiatives designed to increase available funding for small businesses. One of those initiatives is an immediate request to Congress to increase the limits for existing SBA loans.Another initiative is to give smaller community banks greater access to the government's $700 billion financial rescue fund. Apparently, the Obama Administration is realizing that giving so much money to all the big financial institutions was a mistake. According to the Associated Press, the U.S. Treasury Department will reportedly wind down and terminate such bailout programs.
What does this mean to entrepreneurs and small business owners?
Well, essentially it could mean that funding for your business may become easier to obtain in the next few weeks or months. You don't have to worry about being turned down by major banks because you can also approach the small community banks.
Also, it could mean that more money will be allocated to local non-profit organizations who disseminate business grants to local businesses.
It seems that the federal government is finally prioritizing the future of small business - and this may be manifested in more ways than one.
