1 00:00:05,233 --> 00:00:07,366 The President: Even though our economy is growing again,

2 00:00:07,367 --> 00:00:09,767 these are still tough times for America.

3 00:00:09,767 --> 00:00:12,233 Too many businesses are still shuttered.

4 00:00:12,233 --> 00:00:15,000 Too many families can't make ends meet.

5 00:00:15,000 --> 00:00:17,533 And while yesterday, we learned that the unemployment rate has

6 00:00:17,533 --> 00:00:21,400 dropped below 10% for the first time since summer,

7 00:00:21,400 --> 00:00:24,433 it's still unacceptably high -- and too many Americans still

8 00:00:24,433 --> 00:00:26,300 can't find work.

9 00:00:26,300 --> 00:00:29,800 But what we have to remember at a time like this is that we're

10 00:00:29,800 --> 00:00:32,700 not helpless in the face of our difficulties.

11 00:00:32,700 --> 00:00:35,100 As Americans, we make our own destiny.

12 00:00:35,100 --> 00:00:36,967 We forge our own path.

13 00:00:36,967 --> 00:00:39,766 And I'm confident that if we come together and put aside the

14 00:00:39,767 --> 00:00:43,734 politics that keeps holding us back, we can do that again.

15 00:00:43,734 --> 00:00:45,934 We can rebuild this economy on a new,

16 00:00:45,934 --> 00:00:50,867 stronger foundation that leads to more jobs and greater prosperity.

17 00:00:50,867 --> 00:00:53,800 I believe a key part of that foundation is America's small

18 00:00:53,800 --> 00:00:58,233 businesses -- the places where most new jobs begin.

19 00:00:58,233 --> 00:01:01,532 These companies represent the essence of the American spirit

20 00:01:01,533 --> 00:01:04,099 -- the promise that anyone can succeed in this country if you

21 00:01:04,099 --> 00:01:08,133 have a good idea and the determination to see it through.

22 00:01:08,133 --> 00:01:10,734 And every once in awhile, these ideas don't just lead to a new

23 00:01:10,734 --> 00:01:14,533 business and new jobs, but a new American product that forever

24 00:01:14,533 --> 00:01:16,233 changes the world.

25 00:01:16,233 --> 00:01:18,967 After all, Hewlett Packard began in a garage.

26 00:01:18,967 --> 00:01:22,100 Google began as a simple research project.

27 00:01:22,100 --> 00:01:24,500 Government can't create these businesses,

28 00:01:24,500 --> 00:01:27,567 but it can give entrepreneurs the support they need to open

29 00:01:27,567 --> 00:01:30,967 their doors, expand, or hire more workers.

30 00:01:30,967 --> 00:01:33,500 And that's what we've always done in this country.

31 00:01:33,500 --> 00:01:35,834 The folks at Southwest Windpower in Flagstaff,

32 00:01:35,834 --> 00:01:39,000 Arizona started their company in a small home.

33 00:01:39,000 --> 00:01:41,867 Since getting a loan from the Small Business Administration,

34 00:01:41,867 --> 00:01:45,834 they've sold 160,000 wind turbines to about 90 different

35 00:01:45,834 --> 00:01:49,367 countries, and are hiring even more workers today.

36 00:01:49,367 --> 00:01:52,633 When Sam Ko walked into one of the SBA's small business

37 00:01:52,633 --> 00:01:55,533 development centers in Illinois, he didn't have any business

38 00:01:55,533 --> 00:01:58,400 experience at all -- just a patent for a new metal

39 00:01:58,400 --> 00:02:00,734 manufacturing technology.

40 00:02:00,734 --> 00:02:02,934 He was given a loan and a business plan,

41 00:02:02,934 --> 00:02:05,500 and today his company is still growing,

42 00:02:05,500 --> 00:02:08,265 with offices all over the Midwest.

43 00:02:08,265 --> 00:02:12,600 Last year, the steps we took supported over 47,000 loans to

44 00:02:12,600 --> 00:02:15,799 small businesses and delivered billions in tax relief to small

45 00:02:15,800 --> 00:02:19,600 business owners, which helped companies keep their doors open,

46 00:02:19,600 --> 00:02:22,166 make payroll, and hire workers.

47 00:02:22,166 --> 00:02:24,600 But we can and must do more.

48 00:02:24,600 --> 00:02:27,500 That's why I've proposed a series of steps this week to

49 00:02:27,500 --> 00:02:30,900 support small business owners and the jobs they create --

50 00:02:30,900 --> 00:02:34,400 to provide more access to credit, more incentives to hire,

51 00:02:34,400 --> 00:02:39,133 and more opportunities to grow and sell products all over the world.

52 00:02:39,133 --> 00:02:41,600 Because financing remains difficult for good,

53 00:02:41,600 --> 00:02:44,100 credit-worthy small businesses across the country,

54 00:02:44,100 --> 00:02:47,632 I've proposed that we take $30 billion from the TARP fund

55 00:02:47,633 --> 00:02:51,100 originally used for Wall Street and create a new Small Business

56 00:02:51,100 --> 00:02:56,000 Lending Fund that will provide capital for community banks on Main Street.

57 00:02:56,000 --> 00:02:58,633 These are the small, local banks that will be able to give our

58 00:02:58,633 --> 00:03:02,367 small business owners more of the credit they need to stay afloat.

59 00:03:02,367 --> 00:03:05,799 And we should also continue to waive fees, increase guarantees,

60 00:03:05,800 --> 00:03:10,033 and expand the size of SBA-backed loans for small businesses.

61 00:03:10,033 --> 00:03:12,966 And yesterday, I proposed making it easier for small business

62 00:03:12,967 --> 00:03:16,700 owners to refinance their mortgages during these tough times.

63 00:03:16,700 --> 00:03:18,867 To give these companies greater incentives to grow and create

64 00:03:18,867 --> 00:03:22,333 jobs, I've proposed a new tax credit for more than one million

65 00:03:22,333 --> 00:03:26,333 small businesses that hire new workers or raise wages,

66 00:03:26,333 --> 00:03:29,767 as well as the elimination of all capital gains taxes on small

67 00:03:29,767 --> 00:03:31,734 business investment.

68 00:03:31,734 --> 00:03:34,800 Finally, we should provide targeted support to the most

69 00:03:34,800 --> 00:03:37,700 innovative small businesses -- the ones with the greatest

70 00:03:37,700 --> 00:03:41,700 potential to export new goods and products all over the world.

71 00:03:41,700 --> 00:03:44,367 A lot of these companies -- like the wind turbine manufacturer I

72 00:03:44,367 --> 00:03:47,266 mentioned -- are the foundation on which we can rebuild our

73 00:03:47,266 --> 00:03:50,132 economy to compete in the 21st century.

74 00:03:50,133 --> 00:03:53,166 They just need a little help securing the financing they need

75 00:03:53,166 --> 00:03:54,700 to get off the ground.

76 00:03:54,700 --> 00:03:58,066 We have every incentive to help them do that.

77 00:03:58,066 --> 00:04:01,533 Next week, Congress will start debating many of these proposals.

78 00:04:01,533 --> 00:04:03,833 And if anyone has additional ideas to support small

79 00:04:03,834 --> 00:04:07,734 businesses and create jobs, I'm happy to consider them.

80 00:04:07,734 --> 00:04:09,533 My door's always open.

81 00:04:09,533 --> 00:04:12,367 But I urge members of both parties: do not oppose good

82 00:04:12,367 --> 00:04:16,166 ideas just because it's good politics to do so.

83 00:04:16,166 --> 00:04:19,600 The proposals I've outlined are not Democratic or Republican;

84 00:04:19,600 --> 00:04:21,367 liberal or conservative.

85 00:04:21,367 --> 00:04:23,767 They are pro-business, they are pro-growth,

86 00:04:23,767 --> 00:04:25,667 and they are pro-job.

87 00:04:25,667 --> 00:04:29,500 Leaders in both parties have supported similar ideas in the past.

88 00:04:29,500 --> 00:04:33,200 So let's come together and pass these measures without delay.

89 00:04:33,200 --> 00:04:35,332 Let's put more Americans back to work,

90 00:04:35,333 --> 00:04:37,800 and let's give our small business owners the support to

91 00:04:37,800 --> 00:04:41,533 do what they've always done: the freedom to pursue their dreams

92 00:04:41,533 --> 00:04:44,033 and build our country's future.

93 00:04:44,033 --> 00:04:45,200 Thanks for listening.