Schumer Wants Loans for Small Businesses

File photo, Sen. Charles Schumer, D-N.Y.

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Story Published: Oct 5, 2008 at 9:13 PM EST

Story Updated: Oct 5, 2008 at 9:13 PM EST

NEW YORK (AP) - New York Sen. Charles Schumer is calling for
federal help for small businesses that have been slammed by the
ongoing credit crisis in the markets.
The New York Democrat says the already tight credit market will
become even more restrictive and, in his words, "choke small
businesses struggling to pay the bills" for inventory, payrolls
and other obligations. He is asking the Bush administration to set
up a special direct loan program for small businesses similar to
that which exists for student loans.
Schumer said Sunday that a loan program is necessary because
funds from the $700 billion bailout of the financial industry won't
be available for at least a month.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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