Published: Monday, 16 Mar 2009 | 4:20 PM ET

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If you’re a small business owner, the effects of the economic crisis are all too clear. Getting loans is at the core of small business – whether it’s money you need to expand or just pay the bills.

Small business owners across the nation are likely breathing a slight sigh of relief today as the Obama Administration announced a new plan to boost lending to small businesses through the Small Business Administration.

Carmen spoke to Darryl Hairston, the acting administrator of the U.S. Small Business Administration by phone in Monday’s Web Extra. Hairston explained that SBA will be implementing key provisions laid out in last month’s stimulus plan, including the elimination of borrower fees on various loan. Treasury will also commit up to $15 billion to free up the secondary credit markets which should lead to more capital flow to banks and thus more loans going to the small businesses that needs them. This aid is crucial in letting small businesses retain and create jobs, Hairston said.

Watch the web-exclusive interview in the video above to see how small business owners can make sure they get the help they need through the new program.

Find out more at SBA.gov

Watch ON THE MONEY weeknights at 10p ET

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