July 12 2010 - Industry News

Small Businesses Need More Loans To Grow And Add Jobs

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FINANCE: The Fed chief urges more lending to small and medium-sized businesses that make up the vast majority of the chauffeured transportation industry.

Federal Reserve Chairman Ben Bernanke urged banks and regulators Monday to seek out ways to ensure that small businesses get the credit they need to create jobs.

"Making credit accessible to sound small businesses is crucial to our economic recovery and so should be front and center among our current policy challenges," Bernanke said in prepared remarks to the Fed's forum on restoring credit to small businesses.

Declaring small businesses as "central" to tackling unemployment, the Fed chief said not enough is being done to ensure that financially sound companies can obtain loans.

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Source: FoxBusiness.com