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Obama to refocus bailout on small businesses

Obama to announce help for small businesses in effort to refocus bailout plan

  • By Julie Pace and Jim Kuhnhenn, Associated Press Writers
  • On 2:20 pm EDT, Wednesday October 21, 2009

LANDOVER, Md. (AP) -- President Barack Obama says the government's $700 billion financial bailout is shifting away from Wall Street giants and toward small businesses on Main Street.

Obama said on Wednesday that he wants to help small businesses grow and is asking Congress to increase the loan amount they can receive from the Small Business Administration.

Obama also says if smaller banks describe how they would increase lending to small businesses, Washington will give those banks capital so they can loan more money. He says he wants to focus on hard-hit rural and underserved areas.

The president spoke at a small business in a Maryland suburb near Washington.

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