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Schumer Wants Federal Direct Loans for Small Businesses

Sunday, October 05, 2008

New York Senator Charles Schumer says he wants the Small Business Administration to make short-term loans available to companies that are hurting.

SCHUMER: Because the banks are frozen in what they're doing, it hurts small business that depend on these daily and weekly lines of credit.

REPORTER: Small businesses, like Bill Petrick's Bilan Floor Covering, are facing a crisis. Petrick says his line of credit is crucial to staying in business.

PETRICK: There are often times that I'm awaiting payment on a large project and in the interim period while I'm awaitng this payment, my line of credit covers my day to day costs and my operating account. If I was to lose that line of credit, I would probably have to close my business.

REPORTER: Senator Schumer proposes creating a temporary small business direct loan program modeled after the student loan program.

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