In Obama's fiscal 2011 budget, the Small Business Administration would receive $994 million, a 21 percent increase over fiscal 2010. The funds would help provide small businesses access to credit and help support growth of business and cluster development.

HUD Secretary Shaun Donovan said the agency will give $2 billion in Recovery Act funding to "spur economic development in hard-hit communities and create jobs."

Obama today signed the FY 2010 appropriations bill for the Department of Housing and Urban Development. The bill grants HUD $4.45 billion to "fund community and economic development projects" and $17.5 million to remove "blight and spur economic development" at vacant sites.

President Obama's jobs plan proposes providing tax cuts for small businesses and waiving fees for loans administered by the Small Business Administration.

At the close of a day-long event on metropolitan policy, Obama announced that administration officials would visit cities across the country in the coming months to "examine ways to strengthen the partnership between federal and local governments." The White House also said the Office of Management and Budget would lead an audit of current urban policies to make sure money is being better spent.

Obama's FY 2010 budget outline includes a $50 million initiative for "a nationwide network of public-private business incubators to encourage entrepreneurial activity in economically distressed areas."

The stimulus bill [PDF] that President Obama signed will give additional money to the Small Business Administration to help provide more loans to business owners.