The president was speaking after a meeting - which he described as "candid" - with executives of some of
President Obama said
Monday's meeting with executives from Goldman Sachs, JP Morgan Chase and Citigroup, among others, came a day after the president said he had not run for office to help out "a bunch of fat cat bankers on Wall Street".
In comments to reporters at the White House after Monday's talks, Mr Obama said: "
He urged bankers to "explore every responsible way" to boost lending and to "take a third and fourth look" at loan applications from small and medium-sized businesses.
He said he was "getting too many letters" from creditworthy small businesses saying banks they have had long-term relationships are reluctant to give them loans.
Speaking after the meeting, US Bancorp chief executive Richard Davis said he and his colleagues realised they were "under the microscope" to show they were doing a better job of listening to customers.
The meeting came as Citigroup announced it was ready to pay back an emergency loan of $20bn to the
Wells Fargo, another leading bank, said it too had struck a deal to repay $25bn in government aid it received last year.
The BBC's Adam Brookes in
Mr Obama also criticised lobbyists for trying to stall his administration's reform of the financial services sector. He warned if they were "willing to fight common-sense consumer protection, that's a fight I'm willing to have".
Last week the US House of Representatives approved its version of the financial regulatory reform legislation. But before the bill can become law, it will also need approval from the Senate.
It includes a plan to give regulators the power to dismantle businesses that threaten the economy in a way that ensures shareholders and unsecured creditors, not taxpayers, bear the losses.
(Source: BBC News)