Excerpts of President Obama’s Comments in New Hampshire:
“… And we’re going to start where most new jobs start — with small businesses. These are the companies that begin in basements and garages when an entrepreneur takes a chance on his dream, or a worker decides it’s time she becomes her own boss. They’re companies like ARC Energy, which I just visited before I came here. It’s a terrific — (applause) — there you go. A little booster. (Laughter.)
Now, these folks are hard at work on a new manufacturing process for ultra-efficient LED lights that will make them more affordable for people all across the country and around the world. The technology they’ve created is the only one of its kind in the entire world. They’re this little business just on Amherst Street, but they’ve got the potential to revolutionize an entire industry, right here in Nashua. Right here in Nashua. (Applause.)
Now, small businesses like ARC Energy have created roughly 65 percent of all new jobs over the past decade and a half. So we need to make it easier for them to open their doors, to expand their operations, to hire more workers. That’s why I’ve already proposed a new tax credit for more than 1 million small businesses that hire new workers or raise wages — and a tax incentive for all businesses, large and small, to invest in new plants and equipment. And while we’re at it, we should eliminate all capital gains taxes on small business investment, so these folks can get the capital they need to grow and create jobs. And when they start making a profit, they can put those profits back into the business.
Now, that’s particularly critical right now, because bank lending standards have tightened since the financial crisis and many small businesses are still struggling to get loans.
And that’s why today, I’m announcing a proposal to take $30 billion of the money that was repaid by Wall Street banks, now that they’re back on their feet, take that $30 billion and use it to create a new Small Business Lending Fund that will provide capital for community banks on Main Street. (Applause.) It’s the small, local banks that work most closely with small businesses. They usually provide them their first loan. They watch them through good times and bad. The more loans these smaller banks provide to creditworthy small businesses, the better deal we’ll give them on capital from this fund that we’ve set up. And if you combine it with my proposal back in December to continue waiving fees and increasing guarantees for SBA-backed loans, all this will help small banks do even more of what our economy needs — and that’s ensure that small businesses are once again the engine of job growth in America. Now, I’m convinced we can make that happen. (Applause.)…”