Schumer wants loans for small businesses

October 5, 2008 2:39:06 PM PDT
New York Sen. Charles Schumer is calling for federal help for small businesses that have been slammed by the ongoing credit crisis in the markets.The New York Democrat says the already tight credit market will become even more restrictive and, in his words, "choke small businesses struggling to pay the bills" for inventory, payrolls and other obligations. He is asking the Bush administration to set up a special direct loan program for small businesses similar to that which exists for student loans.

Schumer said Sunday that a loan program is necessary because funds from the $700 billion bailout of the financial industry won't be available for at least a month.

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