One thing is true in this economy. Small businesses and entrepreneurs must survive in order for the economy to pull out of this tailspin. Part of Obama's stimulus package pledges to do just that. The government is buying up to $15 billion in Small Business Administration securities. This will guarantee up to 90% of the loan program and do away with the high fees associated with borrowing.

In addition to these loans from the SBA, Obama has asked that banks be more generous in their lending practices to small businesses. He would like to see these loans increase and has asked that all such activity be reported.

Along with the budget increase, the Small Business Administration has several other programs that the Stimulus Package will help fund. These are The ARC Loan, "Goodwill" loan program, Patriot Express program to veterans and other loan incentives. All of these programs are designed to reduce the stress on businesses that may already be struggling with lagging sales.

The Recovery Act will serve to help businesses expand or may even provide the direct assistance needed for those who are willing to take a gamble that things are on the mend. Because there may be other schemes out there that seek to entice the business owner, he or she should take the utmost care to be sure that they are dealing directly with these agencies. There is no middleman involved if it is truly from the government, nor are there upfront fees assessed.

Before you do anything as a small business owner, contact the SBA. Have a good business plan developed. You will want to include a marketing plan and financial management plan. Also, put in a forecast for projected sales and earnings.

President Obama wants the small businesses and entrepreneurs to be successful. He would like to see the SBA operate with more discretionary freedom and less red tape. However, as with all change, sometimes the wheels may move slowly and it is likely that these benefits will happen overnight. But if you are thinking about starting up your own business, keep an eye out for new programs and benefits. They are bound to come up.