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Arkansas Receives $13 Million For Small Business Development
Written by Tim Morral
Funds to be used for lending, loan guarantees and other activities to stimulate job creation and small business growth across the state.
On Monday, Governor Mike Beebe confirmed that the state of Arkansas has been approved to receive a $13.1 million award from the federal Treasury Department's State Small Business Credit Initiative (SSBCI).
It's expected that every SSBCI dollar invested in the state will leverage a minimum of $10 in private funding, injecting an additional $130 million into the state's small business economy.
Award proceeds are intended to create jobs through direct lending and guaranteeing loans to small and minority-owned businesses, supporting venture capital investments and for making risk capital investments in technology enterprises.
"We must create a better environment for small-business investment," Beebe said. "The uncertainty of our national economy has made it tougher for small businesses to obtain loans and investments to create jobs. This program will help us encourage business growth in Arkansas and keep our entrepreneurial spirit strong."
SSBCU funding for Arkansas small businesses is one of many helpful resources for Arkansas entrepreneurs and business owners. It is scheduled to begin immediately with the first loan being made through ADFA's Capital Access Program - a program that provides loan portfolio insurance to encourage private financial institutions to lend to creditworthy small businesses.
For additional information about accessing SSBCI funds in Arkansas, visit the Arkansas Development Finance Authority at http://www.arkansas.gov/adfa.
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