SOTU Follow-Up: Small Banking Boost

Friday, January 29, 2010

In Wednesday's State of the Union address, President Obama outlined proposals to boost small bank lending. Tom Shara, president and CEO of Lakeland Bank in Oak Ridge, NJ, discusses the potential plans.


Tom Shara

Comments [6]

Bob from Pelham

Interestingly, both small business owners interviewed on the Takeaway brought up skyrocketing health insurance expenses as much more of a problem for their business than lack of credit. Even the Oklahoma furniture store owner urged the President and Congress to push forward. (Maybe he should push his senator?)

Jan. 29 2010 10:46 AM
John Anderson from Malverne NY

What is the definition of a small busines? Is there a common (universal) acceptance of a definition?

Jan. 29 2010 10:45 AM
hjs from 11211

isn't there a housing glut? why would i give money to a house builder when there are SO many empty homes?

Jan. 29 2010 10:41 AM
Valeen from Bay Ridge, Brooklyn

I am a small business owner and recently had my line of credit through Citibank cancelled out of no where. I had barely used it and was making steady payments on the small amount I owed and I think this actually worked against me. The kicker was when I called Citibank to ask them why this happened and they literally had no answer. As I'm hearing you say on the show right now, its always the people who don't need the credit who can get it. Right about now, I'd probably be using the credit line more than before!

Jan. 29 2010 10:37 AM
Laura from Staten Island

I have a small business, and even though I can show the banks that I made the same profit in 2009 that I did in 2008, I still can't get a line of credit. I am okay, but cash flow isn't as good as it was, and clients are paying slower. I want a line of credit as a back up plan. Every time I apply, the banker says that I will probably get the line of credit, "Because of a new Obama program." But still no luck.

Jan. 29 2010 10:35 AM
Fred Orlansky from Washington Heights

We are lucky to have one of the greatest presidents since FDR in office. It amazes me that the american people do not see that the republicans voted for the bailout of big financial institutions but when President Obama plans to help the small business owners through money given to small banks to lend to these small business the republicans are against it. The republican last 8 years created the problem we are in today by doing away with regulations that oversaw these institutions. We need more government not less. Republicans want government in our private lives but want big business to be able to do whatever they want. Now we have the supreme court helping to ruin whatever our wonderful country has been building though our history. And isn't it funny how the republicans can't think for themselves they ALL vote one way NO! not caring if it's good for we the people.

Jan. 29 2010 01:07 AM

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