Obama Plans Small-Business Lending Boost

President Barack Obama is unveiling a $15 billion package to help small businesses.

Speaking to small business owners in the East Room, Obama and Treasury Secretary Timothy Geithner described their plan to reduce lending fees, ease the tax burden and boost bank liquidity to get credit rolling.

Obama called small businesses the heart of the American economy. He said they have created roughly 70 percent of new jobs in the last decade.

The administration also said the 21 largest banks receiving government money must report monthly on how much lending they do to small businesses.

Geithner said when small businesses prosper, the nation prospers.

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