President Barack Obama's $30 billion small community business lending program faces one big challenge: many of the community banks and businesses it's supposed to help don't want it.Let me slow it down for you government types: small businesses want paying customers not a stream of future financing costs. While talking about a previous small business loan program at an Ed Martin (R-MO) event, David McArthur had this to say:
Ed Martin's opponent, incumbent Democrat Russ Carnahan, has argued that this recent bill was needed to get banks to loan again. Here's state senator and small business owner Chuck Purgason explaining why his business doesn't want a loan:
Washington has devolved into a cargo cult which only knows that small business borrowing is an indicator of economic recovery. It seeks to create a sign of recovery by doling out small business loans. Yet this cargo cult has no concept that those small business must perceive a favorable market before incurring the risk of additional debt. In other words, our dysfunctional government has yet again put the cart before the horse.