Washington, DC – The US Pan Asian American Chamber of Commerce Education Foundation (USPAACC Education Foundation), the national organization that advocates for the economic growth of the Asian American business community, praised President Obama’s latest plan to provide billions of dollars in federal lending aid for floundering small business owners.
“We welcome this initiative that could significantly jump-start struggling small businesses and positively impact the broader economy,” said Susan Au Allen, National President & CEO of USPAACC Education Foundation. “It demonstrates the Obama Administration’
The plan’s centerpiece involves boosting the credit markets with up to $15 billion and freeing up capital for new loans—crucial to the sustainability and expansion of small businesses. Other provisions include reducing small business lending fees, easing the tax burden, and increasing government guarantee on certain Small Business Administration loans.
In the last decade, small businesses have created approximately 70 percent of new jobs in the United States. “As the backbone of our national economy, small businesses need an environment that encourages them to be competitive, allows them to drive innovation, and creates jobs—hallmark qualities that will consequently help expedite a robust economic recovery,” Allen said.
