President Obama recently touted small businesses as the "engine" of the American economy, while lamenting the fact that so many of them are struggling to get the credit they need in order to operate properly.

In his weekly radio and internet statement, the President said that banks have made huge profits during the economic downturn thanks to tax payers. It is now, he believes, time for them to return the favor by supporting "creditworthy small businesses".

"It’s time for those banks to fulfill their responsibility to help ensure a wider recovery”, Obama said. “We’re going to take every appropriate step to encourage them to meet those responsibilities".

In addition, Obama has also asked Congress to raise the limits for Small Business Administration loans from an earlier figure of $2 Million to $5 Million. Also, the same for manufacturing has been asked to be at least $5.5 Million.

"Small businesses have always been the engine of our economy, creating 65 percent of all new jobs over the past decade and a half, and they must be at the forefront of our recovery", said the President who firmly believes that when America says goodbye to recession, which might be anytime soon now, small scale businesses will definitely be forerunners if given the right start now.