Geithner says trying to bolster small business

Reuters News
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Posted: Jun 22, 2011 4:15 PM
Geithner says trying to bolster small business

WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said on Wednesday that small businesses have suffered especially because of a credit crisis but said every effort was being made to help them.

"There is no single silver bullet, which is why we have taken a multifaceted approach," Geithner said in prepared remarks for delivery to the U.S. House of Representatives Small Business Committee.

He outlined measures including tax relief, public-private partnerships, assistance to small exporters and efforts to award federal contracts to small businesses that the Obama administration has undertaken.

Geithner said small companies faced heavy challenges because so many were concentrated in sectors like construction and real estate that were hit especially hard by the recession and bursting of the real estate bubble.

(Reporting by Glenn Somerville, Editing by Andrea Ricci)