WASHINGTON (AP) -- President Barack Obama has signed a bill creating a $30 billion fund to help small businesses expand and hire. The bill also includes eight separate tax breaks for small businesses and a boost for Small Business Administration loan programs.
Obama says the incentives will help small businesses create jobs in the short term.
The legislation gives Obama and congressional Democrats a highly sought political victory five weeks before Nov. 2 elections in which voters are expected to vent their frustrations over a slow-growing economy and high unemployment.
The new fund would be available to community banks to encourage lending to small businesses.
(Copyright 2010 by The Associated Press. All Rights Reserved.)