Entries in Small Business Lending Fund Act of 2010 (2)


Obama to GOP: Going Forward, 'It's Not Going to Be Enough Just To Play Politics'

Photo Courtesy - ABC News(WOONSOCKET, R.I.) -- Using the delay of the small business aid bill which ultimately passed in September as an example, President Obama said Monday he hopes the Republican Party will change their minds about “playing politics” going forward.

“I wish that Republican leaders in Congress had agreed earlier.  They voted against these ideas again and again,” Obama said of the $30 billion aid bill Monday in Woonsocket, Rhode Island. “It’s just playing politics.  You know, if you're going to talk a big game, then you need to deliver."

The president highlighted the Republican obstruction in the days leading up to the bill’s passage and said that he hopes this will change going forward.

“I hope that my friends on the other side of the aisle are going to change their minds going forward," Obama said. “It’s not going to be enough just to play politics.  You can't just focus on the next election; you've got to focus on the next generation."

Speaking from the floor of American Cord and Webbing, a third-generation small business which makes webbing, cords, buckles, plastic and metal hardware for sporting good and travel gear, the president used their company as an example of a small business beginning to grow again. 

“They buckled down -- that was a pun,” Obama joked. “And they invested in new products and pursued new customers.  And over the past year they've hired back all the workers they had to lay off.”

Last month, the company was approved for an SBA loan that will help them expand the facility by nearly half.

“It's small businesses like this one, after all, that are the -- the bricks and blocks, the -- the cord and webbing, if you will, of our economy,” Mr. Obama said.

The president toured the factory beforehand, where he saw customized leashes being made for first dog Bo Obama, which read “Malia and Sasha Love” and which the president said he was “enormously proud” of.

Ending on a confident note the president said that while there are “big problems” that the country still faces, “I'm absolutely convinced that there are brighter days ahead.”

In the audience, a seat for the Democratic candidate for governor, Frank Caprio, was reserved among the other VIPs, but he did not show up for Monday's event, as anticipated.

Copyright 2010 ABC News Radio


Pelosi Sends Prez Small Biz Bill

Photo Courtesy -- Getty Images.(WASHINGTON) -- After passing a bill on the House floor Thursday afternoon, and with her personal signature of approval, Speaker of the House Nancy Pelosi enrolled the Small Business Lending Fund Act of 2010, sending the legislation down Pennsylvania Avenue for President Barack Obama’s signature next Monday.

Pelosi, D-California, praised the president for his leadership in helping to pass the measure, which approves $30 billion in small businesses loans and offers more than $12 billion in tax incentives to help small businesses grow and add jobs. Supporters of the bill hope that the $30 billion will leverage into $300 billion in lending to small businesses.

“I am very pleased to sign this legislation,” Pelosi said as she prepared to sign the bill at a brief ceremony at the Capitol. “When I do, we will send it to President Obama, with our appreciation for his extraordinary leadership to help small businesses grow. This is about opportunity, it’s about job creation, it’s about growth of our economy. I am honored to sign this legislation.”

House and Senate Republicans had denounced the lending fund as a “mini-TARP,” with lawmakers attempting to capitalize in the upcoming congressional midterm elections on public resentment over the unpopular $700 billion bailout financial system in 2008.

The speaker said the bill will create 500,000 new jobs without adding to the deficit and recognized American small business entrepreneurs for fueling the path to economic recovery.

President Obama issued a statement Thursday afternoon announcing that he intends to sign the bill next Monday, and he thanked Congress for finally passing the legislation.

Copyright 2010 ABC News Radio.

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