WKYT | Lexington, Kentucky | News

Obama plan would expand some small-business loans

WASHINGTON (AP) - An administration official says President Barack Obama will press Congress to temporarily expand two lending programs for the owners of small businesses.

Speaking on the condition of anonymity because the president hasn't yet announced the proposal, a White House official said the plan would temporarily increase the cap on Small Business Administration Express loans from the current maximum of $350,000 to $1 million.

The proposal, which was to be announced Friday when the president meets with small-business owners, would also expand the SBA's program to support refinancing for owner-occupied commercial real-estate loans.

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