奥巴马关于小企业救助计划的演讲

But today, too many entrepreneurs can’t access the capital to start, operate, or grow their business.  Too many dreams are being deferred or denied by a form letter cancelling a line of credit.

And this is a consequence of the credit crisis, which began when some banks bundled and sold mortgages in complex ways to hide risk and avoid responsibility.  The collapse of these mortgage-backed securities and other complex financial instruments froze the credit markets, including the markets that help small businesses access loans to cover payroll, to purchase supplies, or to expand in ways that create new jobs.

And I think it’s important just to take a moment to understand — here’s how these markets work.  A community bank, like the one run by Cynthia, offers an entrepreneur, like Marco, a loan to open up a restaurant.  Before this crisis, Cynthia had two options.  Her bank could hold the loan and receive regular payments from Marco as he pays back the amount that he borrowed plus interest.  But another option was the bank could also sell part of the loan as an asset to a larger bank or to an investor.  And that means that her bank could then use these new funds for more business loans and auto loans and home loans and student loans.

That’s why this secondary market — Cynthia’s ability to resell loans — is so important:  It means banks can offer small businesses and families more credit because the bank has more money on hand.  If Cynthia could get that $11 million of SBA loans that she currently holds in her portfolio, if she can get that into the secondary market, that’s now $11 million that she can make work back in her community.

Today, unfortunately, there aren’t nearly as many secondary buyers for these kinds of loans — even when they’re guaranteed by the Small Business Administration.  So community banks cannot bring in the funds necessary to provide as many loans.  And as a result, we’ve seen a precipitous drop in lending to small business.

The SBA typically guarantees $20 billion in loans annually.  But this year, lending may fall below $10 billion.  Even businesses with impeccable credit can’t access loans.

So entrepreneurs and their employees pay an enormous price.  But the whole country pays a price, as well, because less lending leads to fewer jobs and lower spending, which leads to less lending — a vicious cycle that delays our recovery.  And small businesses don’t just provide jobs — they provide the innovations that help us lead in the global economy.

Smaller companies produce 13 times more patents per employee than large companies.  Now, think about it.  Hewlett-Packard began in a garage.  It was a small business.  Google began as a research project — small business.  The first Apple computers were built by hand one at a time — small business.  McDonald’s started with one restaurant.  Marco, I know you’ve got ideas.  (Laughter.)  Small business.

Our recovery in the present and our prosperity in the future depend upon the success of America’s small businesses and entrepreneurs.  And that’s why my administration has already taken aggressive action on their behalf.

My recovery plan, as already been noted, raises the guarantees on SBA loans to 90 percent and eliminates costly fees for borrowers and lenders that can be too costly in a recession.  And these changes are being implemented now, fulfilling a campaign promise that I made.  The recovery plan also includes a series of tax cuts for small businesses and tax incentives to encourage investments in small businesses.  And the Treasury Department has launched the Consumer and Business Lending Initiative to help unfreeze the credit markets.

I’ve also proposed, as part of my budget, that we reduce to zero the capital gains tax for investments in small or startup businesses — expanding and making permanent one of the tax cuts in the recovery plan.  And my budget, as part of our health care reform efforts, calls for tax credits and other assistance to help small businesses offer coverage to their workers.

So we’ve already done a lot.  But we’ve got to do more.  And none of these steps will be effective unless we unlock the credit markets that are denying small businesses the loans they need to grow.

Therefore, as part of my Financial Stability Plan, the Treasury Department will begin purchasing up to $15 billion of SBA loans through the Troubled Asset Relief Program, or TARP.  We will immediately unfreeze the secondary market for SBA loans and increase the liquidity of community banks.  Cynthia’s bank is going to be able to sell those $11 million loans so that she’s got more money to lend.  (Applause.)

So with this action, any lender that provides SBA small business loans will have a buyer for those loans.  And in turn, community banks will no longer have to choose between providing loans to creditworthy small businesses and maintaining the required capital and liquidity.

Now, this plan is the latest step –- but by no means the last step –- in our ongoing efforts to stabilize the financial markets on behalf of businesses and consumers.  We’ll be outlining further steps on behalf of small businesses in the weeks and months ahead.  And we will continue to do whatever is necessary to lead this economy out of recession and lay the foundation for long-term prosperity.

That’s what the small business owners in this room expect us to do.  They’re folks like John Wilson, the president and part owner of a small business in Raleigh, North Carolina.  He wrote to me a few weeks ago and participated in the meeting we just held.

And John’s business, NC Design Group, sells cabinets and interior design services.  And not surprisingly, it’s been a tough year.  Sales have fallen by half.  And keep in mind, John had previously doubled what had started off as a very small business, to the point where he’s providing a living for — it was up to 40 — 48 people.  And John did all that he could to save loans.  The owners, including John, have taken no compensation.  But they had to reduce the size of their company from 48 employees to 34.  And John just told the group of us that he personally took the time to speak to each and every person that he had to lay off.  And I don’t think he minds me sharing that he cried each time he did it, because it’s a hard thing when somebody is working hard and committed to helping you build your business, you having to lay them off.

And now, even though they’ve never been late on a payment to the bank, they’re having trouble keeping a credit line.  It’s putting his small business –- and the 34 jobs left –- in jeopardy.

Now, John is not looking for a handout.  He’s looking for the opportunity to succeed.  And he said it best himself in his letter, and I’m quoting from the letter here:  “Small business people are incredibly resilient and resourceful given half a chance,” he said.  “But we need the chance.”

Well, I want to say to John and to every American running a small business or hoping to run a small business one day:  You deserve a chance.  America needs you to have that chance.  And as President, I will continue to do everything in my power to ensure that you have the opportunity to contribute to your community, to our economy, and to the future of the United States of America.

Thank you, everybody.  Thank you.  (Applause.)