The Obama administration released a proposal on Friday to provide additional capital to community banks to make small business loans.
The legislation lays out a plan the administration announced at the beginning of the year. Though the level of congressional support is unclear, some lawmakers rushed to endorse it.
"I am pleased that we have been able to work with the administration to devise a program to support community banks so that they can lend to the small businesses that are key to creating jobs in our communities," Sen. Carl Levin, D-Mich., said. "This program, similar to the one I co-sponsored with Senator Merkley, would be a great step forward. After months of negotiations, it is time to put these programs to work so they can help get Americans back to work."
The plan also would provide funds to states and local programs to assist small business borrowers.