WASHINGTON, Sept. 27 (Xinhua) -- U.S. President Barack Obama on Monday signed a small business bill into law to help small firms spur hiring and expansion, one move of the Obama administration's package to accelerate the economic growth and job creation efforts.

U.S. Congress on Sept. 23 passed a long-delayed bill that the Obama administration proposed to help small businesses with easier credit and tax incentives to create jobs.

The bill will create a 30-billion-dollar federal fund to help smaller banks issue loans to small businesses and cut taxes by 12 billion dollars over the coming decade.

With fellow Democrats facing pressure from recession-weary voters in November congressional elections, Obama was stepping up efforts to create more jobs and reduce the stubbornly high 9.6 percent unemployment rate.