Following an earlier pronouncement last week, President Barack Obama in his Saturday radio address called on bailed-out banks to increase their lending to small businesses caught in a credit squeeze.
Calling small business the “engine” of the economy, the president said big banks need to “fulfill their responsibility” to broaden prosperity and widen recovery by helping small-business owners.
Meanwhile, the U.S. Small Business Administration is proposing increases in the size definitions for three broad commercial sectors. The proposed increases cover size standards for 71 different types of businesses, two-thirds of them in retail trade sectors. The rest are in accommodations and food services, and other services.
The changes, if adopted, will expand eligibility to small businesses and help them gain access to SBA’s financial assistance, contracting and other programs.
For more information about these proposed revisions to its small business size standards, visit the SBA Web site.