At a recent White House gathering honoring small business owners, President Barack Obama urged Congress to pass a $30 billion jobs package for small businesses.
The money would be used to boost lending to small businesses planning to expand. The measure will also give relief to small community banks.
"The problem is, small business owners have also been some of the hardest hit by this recession," Obama said. "From the middle of 2007 through the end of 2008, small businesses lost 2.4 million jobs."
"And because banks shrunk from lending in the midst of the financial crisis, it's been difficult for small business owners to take out the loans they need to open up shop," he continuted. "For those who do own a small business, it's been difficult to finance inventories, make payrolls, or expand if things are going well."
The president is also calling on Congress to cut taxes for U.S. companies hit hardest by the recession. Small businesses lost an estimated 2.4 million jobs during that period.
"The government can't create jobs, but it can help create the conditions for small businesses to grow and thrive and hire more workers," Obama said during his remarks. "This legislation should ensure that credit worthy small business owners can get the capital they need to expand and create jobs."
A full House and Senate vote on the bill is expected soon.