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Obama Touts Early Success of Small Business Lending Initiative

President Obama today asserted that since his small business lending initiative was signed into law a month ago, more than 3,600 small businesses in the U.S. have received more than $1.4 billion in new loans “with more to come.”

The president was speaking today at a small factory in Rhode Island to a group of workers. He stated:

“In less than a month since that new law took effect, more than 3,600 small business owners have already received more than $1.4 billion worth of new loans, with more to come — and the SBA has already begun offering larger loans for small business owners who need them.

“The law also accelerates $55 billion in new tax cuts for businesses both large and small that make job-creating investments over the next year. It eliminates capital gains taxes on key new investments made in small businesses until the end of this year.  It dramatically increases the amount small businesses can write off on new equipment investments — and we want to do more, so that you can write it all off.  These are tax cuts that can help America — help businesses like American Cord and Webbing that are making new investments right now.  And it can help create jobs.

“Finally, the law that we signed creates new initiatives to increase lending to small businesses. It strengthens state programs that spur private sector lending, and that’s a step that will support $15 billion in new small business loans across the country.  And it sets up a new Small Business Lending Fund that will support Main Street banks that lend to Main Street businesses.”