The credit crisis is slamming small businesses...

And New York Senator Charles Schumer is calling for federal assistance.

Schumer says the ongoing financial crunch will choke small businesses who are struggling to pay bills.

He's asking the president for help.

Schumer wants to set up a special direct loan program for the businesses, similar to the student loan program.

He says it's a necessity because bailout funds won't become available for at least a month.