National

Sep 27, 2010 4:10 PM by Bea Karnes, News First 5

President signs $30 billion small business lending bill

President Barack Obama has signed a bill creating a $30 billion fund to help small businesses expand and hire.

The bill also includes eight separate tax breaks for small businesses and a boost for Small Business Administration loan programs. Obama says the incentives will help small businesses create jobs in the short term.

The legislation gives Obama and congressional Democrats a highly sought political victory five weeks before Nov. 2 elections in which voters are expected to vent their frustrations over a slow-growing economy and high unemployment.

The new fund would be available to community banks to encourage lending to small businesses.

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