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U.S. small businesses still face "very tough" economy: Geithner

(Xinhua)

10:14, October 19, 2011

U.S. Treasury Secretary Timothy Geithner testifies before the Senate Small Business and Entrepreneurship Committee on "the Small Business Jobs Act of 2010, One Year Later" on Capitol Hill in Washington D.C., capital of the United States, Oct. 18, 2011. Small businesses in the United States still face tough economic conditions even though the recession officially ended more than two years ago, and legislators need to do more to help them, Geithner said on Tuesday. (Xinhua/Zhang Jun)

WASHINGTON, Oct. 18 (Xinhua) -- Small businesses in the United States still face tough economic conditions even though the recession officially ended more than two years ago, and legislators need to do more to help them, said U.S. Treasury Secretary Timothy Geithner on Tuesday.


"America's small businesses still face a very tough economy," Geithner said in a testimony at a Senate penal. "They are experiencing more challenges than larger businesses in the wake of the recession."

"Small businesses are more concentrated in construction and retail, industries that were at the epicenter of the crisis and have not returned to pre-recession levels, and they export much less than larger businesses," the treasury secretary told the Senate Small Business and Entrepreneurship Committee.

He said small businesses, the major job engine of the U.S. economy, also have been hurt by tightening credit.

Geithner outlined measures that the Obama administration has taken to help small businesses operate and hire.


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