President Obama in NJ

by: Rosi Efthim

Wed Jul 28, 2010 at 05:47:36 PM EDT

With what looks like boxes of single-serving potato chips in the background, Barack Obama talked after a meeting with New Jersey small business folks at the Tastee Sub Shop in Edison (where POTUS ordered a half-sized Super Sub to go). C-SPAN ran the whole speech (here's a link), but the video isn't embeddable (what's up with that, C-SPAN?)

Obama's here in NJ to support HR 5297, the Small Business Jobs Act, a mixture of tax breaks, loan guarantees and a $30 billion dollar pool designed to help small businesses get loans via community banks. Edison's Mayor Antonia Ricigliano was along for the ride (and presumably, sandwiches).

Star-Ledger's excellent video team captured part of it:
Excerpt of President Barack Obamas speech in Edison

Rosi Efthim :: President Obama in NJ

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President Obama in NJ | 1 comments

Maybe he can (4.00 / 1)

influence the banks to stop cutting credit to small businesses like mine. Banks don't even have to TELL You they just reduced your business credit by thousands of dollars, which happened to me recently.

The big banks got bailed out, but small businesses like mine with excellent credit ratings actually got our credit CUT rather than increased in a time when cash flow is critical.

If I could have been there today, I would have asked him why one bank gives me a business line of credit at 5.75% while a different bank sees fit to charge 22.99% for a business credit card. When I called to complain they told me I was really lucky - businesses with bad credit were paying nearly 30%.

There should be a CAP on interest rates. If you don't, we small business owners will never make it.

One Vote. Yours. It really does matter.

by: carolh @ Wed Jul 28, 2010 at 22:28:43 PM UTC