English subtitles for clip: File:2010-02-06 President Obama's Weekly Address.ogv

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The President:
Even though our economy
is growing again,

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these are still tough
times for America.

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Too many businesses
are still shuttered.

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Too many families
can't make ends meet.

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And while yesterday, we learned
that the unemployment rate has

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dropped below 10% for the
first time since summer,

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it's still unacceptably high -- and too many Americans still

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can't find work.

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But what we have to remember at a time like this is that we're

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not helpless in the face
of our difficulties.

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As Americans, we
make our own destiny.

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We forge our own path.

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And I'm confident that if we
come together and put aside the

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politics that keeps holding
us back, we can do that again.

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We can rebuild this
economy on a new,

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stronger foundation that
leads to more jobs and greater prosperity.

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I believe a key part of that
foundation is America's small

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businesses -- the places
where most new jobs begin.

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These companies represent the
essence of the American spirit

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-- the promise that anyone can succeed in this country if you

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have a good idea and the
determination to see it through.

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And every once in awhile, these
ideas don't just lead to a new

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business and new jobs, but a new
American product that forever

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changes the world.

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After all, Hewlett
Packard began in a garage.

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Google began as a
simple research project.

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Government can't create
these businesses,

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but it can give entrepreneurs
the support they need to open

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their doors, expand,
or hire more workers.

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And that's what we've
always done in this country.

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The folks at Southwest
Windpower in Flagstaff,

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Arizona started their
company in a small home.

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Since getting a loan from the
Small Business Administration,

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they've sold 160,000 wind
turbines to about 90 different

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countries, and are hiring
even more workers today.

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When Sam Ko walked into one
of the SBA's small business

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development centers in Illinois,
he didn't have any business

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experience at all -- just
a patent for a new metal

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manufacturing technology.

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He was given a loan
and a business plan,

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and today his company
is still growing,

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with offices all
over the Midwest.

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Last year, the steps we took supported over 47,000 loans to

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small businesses and delivered billions in tax relief to small

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business owners, which helped companies keep their doors open,

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make payroll, and hire workers.

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But we can and must do more.

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That's why I've proposed a
series of steps this week to

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support small business owners
and the jobs they create --

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to provide more access to
credit, more incentives to hire,

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and more opportunities to grow
and sell products all over the world.

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Because financing remains
difficult for good,

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credit-worthy small
businesses across the country,

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I've proposed that we take
$30 billion from the TARP fund

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originally used for Wall Street
and create a new Small Business

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Lending Fund that will provide
capital for community banks on Main Street.

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These are the small, local banks
that will be able to give our

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small business owners more of
the credit they need to stay afloat.

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And we should also continue to
waive fees, increase guarantees,

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and expand the size of
SBA-backed loans for small businesses.

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And yesterday, I proposed making
it easier for small business

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owners to refinance their
mortgages during these tough times.

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To give these companies greater
incentives to grow and create

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jobs, I've proposed a new tax
credit for more than one million

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small businesses that hire
new workers or raise wages,

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as well as the elimination of
all capital gains taxes on small

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business investment.

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Finally, we should provide
targeted support to the most

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innovative small businesses
-- the ones with the greatest

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potential to export new goods and products all over the world.

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A lot of these companies -- like the wind turbine manufacturer I

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mentioned -- are the foundation on which we can rebuild our

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economy to compete
in the 21st century.

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They just need a little help
securing the financing they need

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to get off the ground.

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We have every incentive
to help them do that.

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Next week, Congress will
start debating many of these proposals.

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And if anyone has additional
ideas to support small

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businesses and create jobs,
I'm happy to consider them.

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My door's always open.

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But I urge members of both
parties: do not oppose good

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ideas just because it's
good politics to do so.

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The proposals I've outlined are
not Democratic or Republican;

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liberal or conservative.

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They are pro-business,
they are pro-growth,

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and they are pro-job.

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Leaders in both parties have
supported similar ideas in the past.

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So let's come together and pass
these measures without delay.

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Let's put more
Americans back to work,

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and let's give our small
business owners the support to

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do what they've always done: the
freedom to pursue their dreams

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and build our country's future.

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Thanks for listening.