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Lt. Gov. Roberts Applauds President Obama's Plan to Assist Small Businesses

Roberts Says Rhode Island Small Businesses are Key to State’s Economic Recovery

PROVIDENCE— Lt. Gov. Elizabeth H. Roberts issued the following statement today regarding President Obama’s announcement of actions taken to help struggling small businesses.

“President Obama, along with the U.S. Treasury Department and the SBA, have taken key steps that will put badly needed capital in the hands of small businesses by unlocking credit, lowering fees, and making smaller loans more accessible,” Roberts said. “Small businesses owners here in Rhode Island, who may have been reluctant to borrow because they feared the credit market was frozen, can now reach out to lenders and the SBA. And businesses and start-ups who have been denied loans, may now be able to access those funds.”

On Monday, President Obama announced that the U.S. Treasury Department would help unlock frozen credit markets by purchasing up to $15 billion in small business loan securities, currently on the secondary market. And the Small Business Administration (SBA) will implement two provisions of the American Recovery and Reinvestment Act (ARRA), eliminating some small business loan fees, and raising loan guarantees.

“Small business is one of the engines that run our state.” Roberts said, “And I applaud the President for recognizing that by supporting small businesses, we can make the first steps in rebuilding our economy.”

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