Son of George Bush: Enemy of small business?
The 2007 Republican budget contains an interesting proposal for the self-proclaimed political party for business. The Son of George Bush wants to eliminate government backed small business micro-loans.
Micro-loans are loans of $35,000 or less that are subsidized by the US Government’s Small Business Administration (SBA). Because the loans are subsidized by the U.S. Government, the interests rates are often the best interest rates available. According to the Dallas Business Journal, 90,000 businesses borrowed $13.5 billion in micro-loans in 2006.
If the SBA does not subsidize small business micro loans, then interest rates and fees will skyrocket, and fewer small businesses will have access to the small bursts of capital needed to get their businesses running. Since these types of loans traditionally help lower income and middle class enterpreuneurs the most, it stands to reason that once again, the Republicans are pinching the middle class out of economic opportunity.
But here’s the real motive - the cuts in the SBA subsidies are being used to increase micro-loans for businesses in Iraq. Now, I’m not saying we shouldn’t help folks overseas if we can. And I’m not saying we should help Americans before we help anyone else.
What I am saying is this - when forced to choose between American small business and Iraqi big business, the Son of George Bush and Company have shown their true colors.
