Small Business Finance News
Treasury Department Announces New Small Business Funding
Written by Jenna Weiner
Published: 10/8/2010
Government agency to enact $1.5 billion initiative
There was good news for small business owners recently when the U.S. Treasury Department announced new funding for states across the country.
The $1.5 billion lending initiative will be matched by the individual states, which must prove that they will be able to generate $10 in private lending for every dollar they receive, Reuters reports. California will be the largest recipient of funds, with $168.2 million. Second is Florida, receiving $97.66 million. With its record high unemployment, Michigan will get $79.16 million, while Illinois will get as much as $78.37 million. Rounding out the list were Ohio and New York, each receiving more than $55 million.
The new funding comes on the heels of the $30 billion small lending bill signed by President Barack Obama last week. Under the bill, the federal government will give money to non-profit organizations and community banks in order to increase funding for small businesses.
"It was critical that we cut taxes and make more loans available to entrepreneurs," Obama said in remarks at the White House. "So ... after a long and tough fight, I am signing a small business jobs bill that does exactly that."
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