Yesterday President Obama announced the new Small Business Lending Fund during a town hall meeting in Nashua, New Hampshire. The fund will receive $30 billion in funding thanks to the Wall Street banks that are repaying the government for their bailouts. While the Small Business Lending Fund isn’t limited to green businesses, it doesn’t restrict eco-friendly business owners from applying for small business loans.
Additionally, small businesses are typically better for the local economy. The more money that consumers spend at small, locally owned businesses, the more money that stays in the state. Just look at The 3/50 Project for examples. For every dollar that is spent at a local, independent business, approximately 68 cents are returned to the community. Shop at a chain and this drops down to 43 cents per dollar.
During the town hall meeting, President Obama also revealed his plan for new small business tax credits. These tax credits will enable small business owners to hire new employees while increasing wages at the same time.
Additionally, capital gains taxes on small business investments will be eliminated. This will allow the businesses to invest this savings in capital gains taxes back in the business and thus allow it to grow more quickly. A growing business leads to more jobs.
To learn more about the Small Business Lending Fund or see what else President Obama discussed at the meeting, read the Nashua, New Hampshire Town Hall meeting transcript.