October 23, 2020  
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Small Business News for Entrepreneurs


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.

Entrepreneur Economic Factors

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."

Have Friends Who Might Like This Article?

Tweet via @gaeblerdotcom Share this on Twitter

Let them know on LinkedIn

Ready to Learn More? We Think You Might Like These Articles:


About Our Entrepreneur News Feeds

If you liked this small business news article, you can find plenty more like it on our site. We cover important news stories for small business owners. In addition to breaking news for entrepreneurs, we also have tons of how-to articles that cover topics like writing a business plan, preparing a marketing plan, getting publicity and much more.



Additional Resources for Entrepreneurs

Help for Native American Entrepreneurs

Resources for Gay Entrepreneurs

Businesses for Sale

Online Entrepreneur Tools


Lists of Small Business Incubators

Lists of Angel Investors