"We're creating a one-stop shop for cities and states looking to partner with the private sector to fund infrastructure projects," the president said to the crowd.
The House recently passed a $10.8 billion bill with a vote of 367 to 55 that will keep the federal Highway Trust Fund solvent until May 2015.
The bill now has to pass the Senate before the August deadline by which the fund runs out of money.
"If that's all that Congress does, then we're going to have the same kind of funding crisis nine months from now," Obama said of the bill.
Obama says infrastructure demands long-term funding, and that his new initiative is intent on doing just that.
"My administration is going to help states and cities apply for federal loans, get more public-private partnerships up and running, and get more investment flowing into communities like Wilmington," Obama said, standing in front of a bridge in Delaware.