Obama to sign a major path breaking deal to help small business

Monday, September 27, 2010

Obama to sign a major path breaking deal to help small business

US president Barrack Obama is all set to sign a major deal which would hopefully change the course of small business in United States.

The deal which is expected to be around $42 billion would help out small business and create more jobs.

The $42 billion bill was passed by House of Representatives on a vote of 237-187. The initiative by Obama administration is a step to restore US economy to some extent.

The $42 billion bill would serve two purposes. The first is they would be provided to the banks, which have less than $10 billion in assets. Secondly, $30 billion would be packed in a fund, and the fund in return would be looked after by the treasury department.

The treasury department would be entrusted with the responsibility to provide fund to those banks that falls under the criteria set up by the Obama administration.

What has been more significant about the whole idea of funding to banks is to make sure that the funds reach the bottom business houses that run on the streets and who have been struggling to come to terms with the US recession.

The $42 billion bill is expected to provide jobs to 5, 00,000.

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