Long-Term Aid Urged For Small Business
Chairman William McChesney Martin Jr. of the Federal Reserve Board called on the Government yesterday to help set up new private lending facilities to meet the long-term credit needs of small business.</br></br>He said special tax treat-* ment also might be needed to step up the flow of capital to small business.</br></br>Martin said his proposed lending program would be a "new frontierÛ for Federal aid. But he added that financing I needs of some small businesses! with a promising growth po-j tential were not being met. !</br></br>He told a Senate banking| subcommittee there was room for a Government program to help fill the gap.	j</br></br>Martin generally approved1 a proposed bill which would permit the Government to contribute by loans or capital stock purchase up to $250 million to newly created small business investment companies. A Small Business Investment Administration would administer the program.