U.S. Sen. Dick Durbin (D-Ill.) has secured federal funds to help small businesses. Durbin was able to hold the line on an annual sum of $25 million that is used to provide small loans to small businesses. In addition to the money for micro-lending, an additional $20 million was secured for technical assistance grants to support micro-borrowers.
“Small businesses are the engine of this economy and the key to recovery,” Durbin said. The program, he says, is especially important in an economy in which banks aren’t as easily persuaded to lend.
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Durbin says the amount of money secured for small business loans equates to a drop in a bucket when you look at the nation’s overall budget. Despite that, he says it’s these types of programs that Republicans look to scale back or kill.