Obama Small Business Plan Creates Big Job for Microenterprise Nonprofits

Many Small Businesses Depend on Lending, Assistance From Microenterprise
Development Organizations
SAN FRANCISCO--(Business Wire)--
Microenterprise development organizations will play a critical role in
implementing President Barack Obama`s new small business plan. That`s because
thousands of small businesses across the country receive bank- or Small Business
Administration (SBA)-backed loans through local nonprofit microenterprise
providers. These providers also offer the business assistance necessary for
small businesses to succeed, create jobs, pay back their loans and realize
profits.

The California Association for Micro Enterprise Opportunity (CAMEO) today
applauded the plan announced by President Obama and Treasury Secretary Tim
Geithner. CAMEO Chief Executive Officer Claudia Viek released this statement
today:

"The Obama administration took an enormous step toward freeing up desperately
needed capital for American small businesses, and Microenterprise development
organizations are ready to help immediately get additional loans and assistance
out to Main Street small businesses.

"By getting banks and the SBA to release millions of dollars in credit to small
businesses, the president`s small business plan will stimulate the creation of
micro-businesses, (those started with less than $35,000 and employing five or
fewer workers) the fastest growing business trend in America today.

"Microenterprise development organizations increasingly serve in the role of
community banker. In California and throughout the country, nonprofit
microenterprise lenders have become the go-to financial institutions for
entrepreneurs who have seen their access to credit dry up. Small businesses get
added value from the marketing and management assistance these organizations
provide.

"Small and micro-business expansion and creation is essential to creating jobs
and aiding in the country`s economic recovery. These businesses are the least
likely to outsource their workforce to foreign countries, hiring workers instead
from their local communities.

"In California alone, just $65 million in small loans and technical assistance
could assist an estimated 8,000 locally-owned small and micro-businesses,
generating a projected 24,000 jobs over three years.

"The Obama small business plan offers welcome support for those entrepreneurs
left out of infrastructure investment and job retraining programs."

For more, visit www.microbiz.org

For CAMEO
Mark Capitolo, 916-267-8894
Claudia Viek, 415-305-5964

Copyright Business Wire 2009