August 6th, 2010
01:49 PM ET

Obama calls for movement on small-business bill

President Barack Obama used an appearance at a small business in Washington to again call on Congress to pass small-business legislation that he says will help strengthen the American economy.

The Small Business Jobs and Credit Act is currently stalled in the Senate.

"It is so important to pass this jobs bill for America's small businesses. That's where most of our jobs are created. And small businesses have been especially hard-hit by the economy," said Obama, speaking at Gelberg Signs.

The bill would authorize the creation of a $30 billion lending fund. The Treasury Department would run the program, which would deliver ultra-cheap capital to community banks, defined as those with less than $10 billion in total assets.

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Filed under: Barack Obama • Politics
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