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President Obama announces financial plan for small business owners

POSTED: Monday, March 16, 2009 - 5:08pm

UPDATED: Wednesday, March 17, 2010 - 11:02am

LONGVIEW - President Obama announced his plan to "bail out" small business owners, by making it easier for them to get loans.

Brant Brantley owns Skinners Grocery Store in Longview and he said, "If we have to spend the money if its gonna go through I feel the largest portion of the money should go to small businesses, they are the back bone to this country."

Reports show he plans to use $730 million from his stimulus package to cut fees for loans, made by the small business administration.

The president's aids say this will help create more jobs, but small business owners in Longview have mixed feelings about the financial aid.

Brantley said, "Give with one hand, take with the other, here's money to go get a loan but we're gonna take it right back in taxes."

While the plan is geared to help small business owners expand and get loans, some aren't convinced this will help.

Tonny Spraggins owner of Spraggins Auto Repair said, "What we want to achieve through this trying time is to hold our own and not do a lot of expansion...but I can see where it could help with some immediate relief with other small businesses."

Brantley said, "Its great if you're looking to get a loan but now everyone is cutting back so much , I don't think anyone is looking to expand their just looking to hang on."

President Obama also announced the 21 largest banks receiving government funding will have to report monthly on how much money they lend to small businesses.

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