Karen Mills: I think I’ve the best office in around the world the train tracks. So you believe the economy is flowing whenever you see those trains go by. Unknown Speaker: Good morning! Unknown Speaker: Good morning! Unknown Speaker: Megan, let’s speak about what is happening today. Megan: We’re having an event today with the President. We’re having Metropolitan Archives; it is a family-owned small business that recently expanded from an SBA loan.
Karen Mills: It is a big deal. This is actually to the begin a lot of items that the President wants to do. He really cares about helping small businesses have the credit, have the jobs. We’re discussing things in purchasing, contracts. So, to be continued… Small businesses create about 65 percent of every one of the net new jobs in the economy, so they’re really the engine. But here’s the best thing, half the people who work in this country own or benefit a small business — half of the people. What we work on now could be ensuring that those businesses have the capital, the working capital, to buy that extra inventory and hire that next person and that they are financially stable so that they may start to grow. You know, we work with the Hill every one of the time. And we speak to Appropriations, because they’ve issues and questions on the budget. That’s what we are going to do now.
We’re answering a part, an Appropriations question and then conversing with Congresswoman Kilpatrick, because I’m going to stay her district next week. Ann Kilpatrick: Are you ready ahead on in? Karen Mills: We are. Ann Kilpatrick: All right. In addition it seems in my experience there has to be a different criterion right now in this economic downturn for measuring commercial liability for these businesses. You can’t continue a past record of each year having increased growth and increased income. Karen Mills: That’s where we come in. Ann Kilpatrick: Okay. Karen Mills: Because, we’ll provide the credit support that will make the banks say, okay, we are able to go do this.
Small business owners, they don’t really get enough credit for everything that they worry about. Just brings them home each day, what these business owners need us to do. Small businesses have shed million net jobs, to date this recession. We were able to part of when credit froze and provide banks with 90 percent guarantees in the Recovery Act, and that allowed over 1,000 banks to return to lending, and allowed us to push over $12 billion into the hands of small businesses. So some support exists now for them. The President is going to announce that we are going to take our two flagship programs an our micro-loan program, and we are going to increase from 2 million to 5 million the most number of the loan that we will make. This will allow us to reach many businesses that now are capped out. The White House has asked us to do a media call, answering reporters’ questions, who have been unable to attend this afternoon’s event with the President. And he said this wasn’t in the speech. I believed it was quite something. He said to every one of the small business owners on the market, I would like to nearby saying this…
I understand that times are tough.. And I can only just imagine… President Obama: …I can only just imagine what many of you are getting through with regards to keeping things planning the midst of a very tough economic climate. But I guarantee you this; this administration is going to stand behind small businesses. You’re our highest priority, because we are confident that when you’re succeeding, America succeeds. Karen Mills: Maybe you’ll receive an opportunity to view a cargo train, because whenever you see them pass, they’ve coal inside them, they’ve box cars and containers that have just come away from a ship, and you only see America’s commerce going by.
And it creates you feel that the economy is moving..