WASHINGTON (KTIV) -
With continued concerns about the economy, the Obama administration is ramping up efforts to boost business in rural America. Monday, they announced a multi-billion dollar effort to bolster rural businesses.
KTIV's Matt Breen talked exclusively with President Barack Obama about his new initiative.
"Mr. President over the last year, the SBIC has dolled out $400-million to help small businesses, many in rural parts of our country. Why invest another $2-billion over the next couple of years?" asked Matt Breen.
"This is a great deal because first of all, zero cost to taxpayers. This is an investment where by you're getting private dollars matched up with public dollars for investments in small business that end up generating a great return. Tax payers end up making a little money on it. But, in the meantime, small businesses in rural communities are able to get access to financing for all sorts of good ideas," President Barack Obama said.
Things like growing, expanding and modernizing existing businesses. And, for entrepreneurs who need the capital to start a business, there is financing at lower rates
But, what about communities, who want to lure businesses to fill vacancies created when other businesses closed?
Communities like Orange City and Sioux Center, Iowa, which will watch AdvancePierre Foods, and Nemschoff Chairs close putting 400 people out of work?
That part of the president's plan. It may not be an easy sell for one of those companies, who claimed his health care reform forced it to close.
Does the president believe that this plan will help turn the economy around?
During a White House press briefing, Press Secretary Jay Carney was forced to admit that no single action can list any one segment out of the recession.
