President Barack Obama unveiled plans Wednesday to refocus spending of the government's $700 billion financial bailout away from Wall Street's big financial institutions and toward small businesses on Main Street.
Obama said the initiatives would make it easier for smaller community banks to provide credit to small businesses, which have been hard-hit by the financial crisis. The president's plan also includes a request that Congress increase caps for existing Small Business Administration loans.
“Over the past decade and a half, America's small businesses have created 65 percent of all new jobs in the country,” Obama said. “These companies are the engine of job growth in America. They fuel our prosperity. And that's why they have to be at the forefront of our recovery.”
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