President Obama and Secretary Geithner Announce Plans to Unlock Credit for Small Businesses

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1 THE WHITE HOUSE Office f the Press Secretary FOR IMMEDIATE RELEASE March 16, 2009 President Obama and Secretary Geithner Annunce Plans t Unlck Credit fr Small Businesses Emphasizes Recvery Effrts Already Taken by SBA T Expand Access t Capital fr Small Businesses WASHINGTON, DC Tday, as part f an effrt Treasury Secretary Geithner first utlined in intrducing the Financial Stability Plan (FSP) in February, President Obama and Secretary Geithner will annunce plans t take immediate actin t help ensure that credit gets flwing again t entrepreneurs and business wners. As anther part f the Cnsumer and Business Lending Initiative, by the end f the mnth the Treasury Department will begin making direct purchases f securities backed by SBA lans t get the credit market mving again, and it will stand ready t purchase new securities t ensure that cmmunity banks and credit unins feel cnfident in extending new lans t lcal businesses. These purchases, cmbined with higher lan guarantees and reduced fees, will help prvide lenders with the cnfidence that they need t extend credit, knwing they bth have a backstp against their risk and a surce f liquidity. These measures will cmplement ther steps the administratin is taking t help small businesses recver and grw, including several tax cuts under the Recvery Act. The Obama Administratin firmly believes that ecnmic recvery will be driven in large part by America s small businesses, which have generated abut 70 percent f net new jbs annually ver the past decade. But as the flw f credit has dried up during this recessin, small business wners wh were prudent and respnsible have been set back by the behavir f thers in ur financial system wh were nt. Businesses with strng credit histries have seen lan applicatins denied due t cnditins that have nthing t d with their wn actins and are nw struggling t expand their businesses, make their payments r even keep wrkers n their payrlls. As a result, while the U.S. Small Business Administratin (SBA) typically guarantees abut $20 billin in lans annually, new lending is trending belw $10 billin this year. The Obama Administratin has already taken several psitive steps t ensure that small businesses have access t the credit they need t supprt an ecnmic recvery. The American Recvery and Reinvestment Act signed by the President prvides fr increased guarantees and reduced fees fr certain Small Business Administratin lans. In February, the Treasury Department made a special effrt under the Cnsumer and Business Lending Initiative t imprve terms fr securities backed by SBA lans in the TALF. 1. Jumpstart Credit Markets Fr Small Businesses By Purchasing Up t $15 Billin in Securities Begin Direct Purchases f Securities Backed by Lans frm SBA s 7(a) Prgram: Traditinally, SBA lending has been supprted by an active secndary market, as cmmunity banks and ther lenders sell the gvernment-guaranteed prtin f their lans, prviding them with new capital t make additinal lans. But since last fall, this secndary market which has histrically supprted ver 40 percent f SBA s

2 7(a) lending prgram has frzen up. As a result, bth lenders, including cmmunity banks and credit unins, and the pl assemblers that securitize their lans have been left with gvernment-guaranteed SBA lans and securities n their bks. This has prevented them frm making r buying new lans. Tday, the Treasury Department annunces that in rder t get credit mving immediately t small businesses it will: Stand Ready t Purchase Securities Backed by 7(a) Lans Packaged Since Last July: Treasury has hired an investment manager wh will be authrized t purchase starting by the end f this mnth securities backed by guaranteed prtins f 7(a) lans packaged n r after July 1, This will help clear the backlg f securities that has built up since the beginning f the credit crisis last year, prviding pl assemblers and banks with a surce f liquidity s that new lending can ccur. Stand Ready t Purchase New 7(a) Securities Packaged Between Nw and the End f the Year: Between nw and the expiratin f Emergency Ecnmic Stabilizatin Act (EESA) authrity n December 31, 2009, Treasury stands ready t purchase new securities backed by the guaranteed prtins f 7(a) lans. By making this pledge, Treasury prvides assurances t cmmunity banks and ther lenders that they can sell the new 7(a) lans they make, prviding them with cash they can use t extend even mre credit. Make Direct Purchases t Unlck Credit Markets fr SBA s 504 Cmmunity Develpment Lan Prgram: The SBA s 504 prgram cmbines gvernment-backed lans with mrtgage lans frm private lenders t prvide lng-term financing f up t $10 millin that directly supprts ecnmic develpment within a cmmunity. First-lien mrtgage lans made by private-sectr lenders which accunt fr 50 percent f the financing fr 504 prjects, and are nt SBA guaranteed were ften traded in the past n an active secndary market that has frzen in the last year, leaving billins in unsld assets n the bks f banks. T get the 504 lending market mving again, Treasury will: Stand Ready t Purchase Securities Packaged Frm 504 First-Lien Mrtgages: Treasury will stand ready t buy first-lien mrtgage securities cnnected t SBA s 504 lan prgram. N later than May, Treasury will begin purchasing securities packaged n r after July 1, 2008 that meet eligibility criteria designed t prtect taxpayers. Prepare t Buy 504 First-Lien Mrtgage Securities That Receive New SBA Guarantees: As part f the Recvery Act, SBA is wrking t develp a secndary market guarantee prgram fr securities issued frm pled 504 first mrtgage lans. Once this prgram is fully implemented by SBA, Treasury will stand ready t purchase these gvernment-guaranteed securities. Prvide Liquidity While Keeping The Secndary Market in Place: These direct purchases f 7(a) and 504 securities will prvide liquidity t lenders, including cmmunity banks and credit unins, enabling them t restart the prcess f recycling capital and extending lans. At the same time, the TALF cmpnent f the Cnsumer and Business Lending Initiative will prvide investrs with an attractive

3 surce f financing, allwing them t cntinue participating in the market. This is intended t keep the existing secndary market in place s that private investrs can replace the gvernment as the purchaser f these securities when market cnditins return t nrmal. 2. Temprarily Raise Guarantees t Up t 90 Percent in SBA s 7(a) Lan Prgram: The purpse f the 7(a) lan prgram is t prvide a gvernment guarantee that reduces the risk lenders face when they make lans t brrwers wh cannt find credit elsewhere. But during the current recessin, the guarantees up t 85 percent fr lans at r belw $150,000 and up t 75 percent fr larger lans have nt been large enugh t give banks the cnfidence they need t lend. As part f its implementatin f the Recvery Act, the SBA tday annunces: An Increase in Maximum Lan Guarantees t 90 Percent: Beginning tday, any lender wh participates in the 7(a) prgram can request a guarantee frm the SBA f up t 90 percent fr each eligible lan. This temprarily available increase in guarantees will help prvide banks with the greater cnfidence they need t extend credit during the current recessin. A Cnfidence Bst Lenders Need t Extend Credit: Cmbined with Treasury s effrts t unlck secndary markets, higher lan guarantees will ensure that lenders have bth greater safeguards against pssible credit lsses and assurances that there will be an active secndary market t purchase their lans and prvide the liquidity they need t keep lending. 3. Temprarily Eliminate SBA Lan Fees t Reduce the Cst f Capital Eliminatin f Brrwer and Lender Fees fr 504 Lans: On any new eligible 504 applicatins submitted beginning tday, SBA will temprarily eliminate the Certified Develpment Cmpany (CDC) prcessing fees charged t brrwers and the third-party participatin fees charged t lenders. As a temprary prvisin authrized by the Recvery Act, these measures will reduce csts t bth brrwers and lenders participating in the 504 prgram, which has a demnstrated recrd f supprting cmmunity develpment and creating jbs. Eliminatin f Up-Frnt Fees fr 7(a) Lans: Fr any new eligible 7(a) lan, the SBA will temprarily eliminate the up-frnt fees that lenders pass alng t brrwers. These fees which g up t 3.75 percent fr larger lans increase the cst f brrwing fr small businesses and make it mre difficult fr them t access the credit they need t expand r make new investments. Rebates fr Fees Paid Since February 17 th : Fr brrwers r lenders charged any f these fees n lans apprved n r after February 17 th, the SBA will prvide a refund, t ensure that Recvery Act prvisins create the maximum pssible ecnmic stimulus. A Pledge t Quickly Turn Arund Lans: T maintain a high level f service t ptential brrwers and lenders alike, the SBA als pledges that cmplete lan applicatins will be turned arund quickly by the SBA usually in as little as tw t three days. 4. Call by Secretary Geithner fr New Reprting Requirements n Bank Lending t Small Businesses and Greater Effrts t Extend Small Business Lans

4 Require the 21 Largest Banks Receiving Financial Stability Plan Assistance t Reprt Their Small Business Lending Every Mnth: As part f the President s cmmitment t increasing transparency and accuntability, Treasury will fr the first time require the 21 largest banks receiving capital frm the gvernment t reprt hw much small business lending they d every mnth. Call fr Quarterly Reprts f Small Business Lending By All Banks: Tday, Secretary Geithner called fr every bank natinwide t reprt their ttal lending t small businesses in their regular quarterly reprts, rather than just nce a year. Secretary Geithner will ask bank regulatrs t take steps t amend the quarterly Reprt f Cnditin t achieve this imprtant bjective. This will ffer mre current infrmatin abut trends in small business lending, while at the same time prviding imprtant infrmatin abut hw well gvernment prgrams are wrking t stimulate these lans. Issue Call fr All Banks t Make Effrts t Increase Small Business Lending: Tday, Secretary Geithner called n all banks whether r nt they receive FSP assistance t make an extra effrt t extend small business lans t creditwrthy brrwers. In light f the extrardinary assistance prvided t the banking system, Secretary Geithner emphasized that lenders shuld take a special respnsibility fr prviding the credit that small businesses need t perate, expand and add jbs. 5. Issue Guidance fr An Expanded Carryback Prvisin as Part f the Recvery Act s Cmprehensive Tax Cut Package fr Small Businesses: Establish Five-Year Carryback Prvisin t Increase Tax Refunds fr Small Businesses: Tday, the IRS will issue guidance fr a prvisin in the Recvery Act that allws businesses with grss receipts f up t $15 millin t carry back their lsses fr up t five years, effectively allwing them a rebate n taxes paid in previus years. The Jint Cmmittee n Taxatin estimates that this measure will increase liquidity fr small businesses by $4.7 billin by September 30, Cntinue Implementatin f Recvery Act s Cmprehensive Tax Cut Package fr Small Businesses: The carryback prvisin is nly ne f several measures in the Recvery Act that will imprve liquidity fr small businesses by lwering their taxes, including: Incentives t Invest in Plant and Equipment by Allwing Small Businesses t Write Off Up t $250,000 f Investment: The Recvery Act allws small businesses t immediately write ff up t $250,000 f qualified investment in 2009, prviding an immediate tax incentive t invest and create jbs. Additinal Liquidity Supprt By Reducing Estimated Tax Payments: Nrmally, small businesses have t pay 110 percent f their previus year s taxes in estimated taxes. But with incmes dwn fr many small businesses this requirement is t burdensme and causing a cash crunch. The Recvery Act allws small businesses t reduce their estimated payments t 90 percent f the previus year s taxes, helping t bst their liquidity and better align their estimated taxes with their actual taxes in a year f severe ecnmic cntractin.

5 Extensin f Bnus Depreciatin Deductins Thrugh 2009: The Recvery Act als extends thrugh 2009 bnus depreciatin, allwing businesses t take a larger tax deductin within the first year f a prperty s purchase. Incentives fr Investrs t Put Mney in Small Businesses: Finally, the Recvery Act includes a measure that will exclude frm taxatin 75 percent f the capital gains fr investrs in small businesses wh hld their investments fr five years. In his budget, the President prpses t g further, eliminating all capital gains taxes n small businesses and making this measure permanent. # #

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