Barack Obama, the Democratic presidential candidate asked small businesses finding it difficult to meet payrolls due to the current financial crisis in the country to avail of government loans to wade through the emergency situation. He was giving a speech as a part of his campaign in Ohio.
Highlighting his ‘small business rescue plan’ he said with the help of the Small Business Administration, help can be provided for companies facing crisis by offering them loans. This disaster loan program he added has to be assisted by expanding loan guarantees to the banks which is sure to help the struggling economy of the country.
Obama said small businesses are the backbone of the economy and in order to build the infrastructure from the base, help has to be extended to small businesses on Main Street. He was addressing around 5000 supporters in Chillicothe located south east of Ohio.
He further explained his plan saying this will help businesses like restaurants, small firms, start ups and shops which in turn will improve the employment rate. According to Obama, this is the need of the hour to rebuild the economy and provide relief to Main Street businesses.
John McCain, the republican presidential candidate provided his own solution for the economic crisis. He spoke at La Crosse, Wisconsin as a part of his campaign and called for suspending rules which mandated people at the age of 70 from withdrawing from their Individual Retirement Accounts even as the country saw stock prices plummeting.
