Obama's Economic Agenda Could Affect Small Business

Meanwhile, banks and other lenders are lobbying the SBA to adopt policies to create more liquidity, says Tony Wilkinson, president of the National Association of Government Guaranteed Lenders.

For one, the SBA could allow lenders to price their loans lower by using the Libor index rate, rather than the SBA-established "Peg Rate" or The Wall Street Journal prime rate.

In a worst case, more lenders will close, and lending will continue to decline. "We can't wait six months," Wilkinson says.