U.S. President Barack Obama Wednesday unveiled a 30 billion dollar credit fund to help small business.

"Tonight, I'm proposing that we take 30 billion dollars of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat," Obama said in his State of Union address.

"I am also proposing a new small business tax credit–one that will go to over one million small businesses who hire new workers or raise wages," said the president.

He also vowed to eliminate all capital gains taxes on small business investment, provide a tax incentive for all businesses, large and small, to invest in new plants and equipment.