KPLU Local News
(2010-02-18)
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Senator Maria Cantwell advocating for small business rescue funds with restaurateur Dany Mitchell in Seattle.
Photo by Gary Davis.
Despite having a well-known family business that survived 33 years in Pioneer Square, Dany Mitchell says no one would lend him money to help keep his restaurant afloat. He dipped into his retirement savings and took out a mortgage on his home, but finally had to close down Trattoria Mitchelli in January.
"I can't tell you the amount of sleepless nights, the sense of loss - more employees out of work."
He laid off 33 people.
Senator Cantwell says stories like this one moved her to act. She wants to take a proposal from President Obama a step further. She suggests taking rescue funds that have been repaid by big banks and dedicating them to community banks that focus on local employers.
"Every single day that goes by without helping small banks loan to small businesses, it hurts our economy."
Cantwell says Treasury Secretary Tim Geither has the power to direct the funds right away without legislation that might get bogged down in Congress. She also wants the amount proposed by Obama to be increased from 30 billion to 50 billion dollars.
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