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New Initiative Aimed at Boosting Small Business Lending
President Barack Obama has rolled out a proposed $30 billion small-business lending program, the latest in a series of administration efforts to jump-start hiring by the nation's small businesses, The Wall Street Journal reported.
The program would invest $30 billion from the government's Troubled Asset Relief Program in community banks to encourage them to lend to small businesses. If approved by Congress, the program would incentivize small and midsize banks to provide loans valued at several times that figure.
Oil Prices Predicted to Rise as Economy Improves
A modest economic recovery is expected to fuel higher oil price; driving up the cost of operating small business fleets. Goldman Sachs forecast oil prices to rise to an average $90 a barrel this year, before increasing to $110 in 2011. The U.S. Energy Information Administration predicts rising crude oil prices will contribute to an increase in the annual average regular-grade gasoline retail price to $2.83 in 2010, with pump prices approach $3 per gallon during this year’s driving season.
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