When the President took office, small business lending had plummeted, with the number of loans dropping by nearly half in just the last quarter of 2008. President Obama helped jumpstart business growth and new hiring, helping those struggling under the burden of a credit crunch created by the Wall Street meltdown.
Since January 2009 the Small Business Administration has supported more than 150,000 small businesses with nearly $80 billion in loans—a record for SBA 7(a) and 504 program lending.
To ensure that small businesses have access to the loans they need, the Small Business Jobs Act provided loan guarantees and reduced fees.
Download this fact sheet for more information on President Obama’s accomplishments for America’s small businesses.