President Obama Addresses the Small Business Community

Yesterday, President Obama visited Metropolitan Archives, a family-owned small business that recently expanded with a Small Business Administration (SBA) loan, to show his support for increased assistance to the small business community.  Metropolitan Archives was founded by two long-time friends (Joe Incarnato and Doug Peters) who saw an opportunity to transform an empty warehouse into a full-service records storage center for companies and nonprofit organizations.  A government loan helped them realize their dream. 

 

This year, the American Recovery and Reinvestment Act (ARRA) allowed the SBA to implement changes to help even more small businesses.  As a result, the administration has been able to provide about 33,000 loans with total lending support of about $13 billion for entrepreneurs and small business owners.  Still, many of America's small business owners are finding that the maximum loan size of SBA's top two loan programs, $2 million, can only go so far.

 

Click here to read the full transcript of the President’s remarks:  http://www.osdbu.dot.gov/news/Pres_remark_10-21.cfm