The California Association for Micro Enterprise Opportunity (CAMEO) today applauded the plan announced by President Obama and Treasury Secretary Tim Geithner. CAMEO Chief Executive Officer Claudia Viek released this statement today:

"The Obama administration took an enormous step toward freeing up desperately needed capital for American small businesses, and Microenterprise development organizations are ready to help immediately get additional loans and assistance out to Main Street small businesses.

"By getting banks and the SBA to release millions of dollars in credit to small businesses, the president's small business plan will stimulate the creation of micro-businesses, (those started with less than $35,000 and employing five or fewer workers) the fastest growing business trend in America today.

"Microenterprise development organizations increasingly serve in the role of community banker. In California and throughout the country, nonprofit microenterprise lenders have become the go-to financial institutions for entrepreneurs who have seen their access to credit dry up. Small businesses get added value from the marketing and management assistance these organizations provide.

"Small and micro-business expansion and creation is essential to creating jobs and aiding in the country's economic recovery. These businesses are the least likely to outsource their workforce to foreign countries, hiring workers instead from their local communities.

"In California alone, just $65 million in small loans and technical assistance could assist an estimated 8,000 locally-owned small and micro-businesses, generating a projected 24,000 jobs over three years.

"The Obama small business plan offers welcome support for those entrepreneurs left out of infrastructure investment and job retraining programs."