Calling it "a great victory for America's entrepreneurs," President Obama today signed a small business lending bill he hopes will help jumpstart the economy and create jobs.
The bill, which creates a $30 billion lending fund for community banks, also established tax incentives to encourage businesses to expand. However, some business groups have said even though more capital will become available, businesses won't be too quick to expand until consumer demand picks up.
The NCUA, CUNA and NAFCU attempted to persuade lawmakers to add a provision to the bill that would have raised the cap on member business loans, but they weren't able to do so. Those organizations have said they will seek other legislative vehicles to which they can attach the measure.
The House passed the bill last week, following Senate action the week before.
