Posted: Oct 24, 2009 7:11 AM by Associated Press
President Barack Obama is appealing to banks to lend more money to small businesses. In his weekly radio and Internet address, he says too many small business owners have been unable to get credit despite the Obama administration's efforts to jump-start lending.
Obama also mentions the $700 billion taxpayer-financed financial bailout, and says it's time banks returned the favor by helping small businesses. He also says the administration will "take every
appropriate step" to encourage banks to meet those responsibilities. He did not specify what those steps might be.
The president also says that small businesses have created nearly two-thirds of the nation's new jobs over the past decade and a half. He says they must be "at the forefront of our recovery."