Treasury kicks off small business lending with $53.4 million

From: The Money Blog
Wednesday, March 23rd, 2011 By Mary Rice

Three states have qualified to get big money from the Treasury Department. The Treasury Department has infused $53.4 million into lending programs in Connecticut, Vermont and Missouri. All three states have created programs that are intended to stimulate $10 worth of small business lending for every $1 invested.

The Small Business Jobs Act

Small businesses in the United States represent about 50 percent of all private-sector jobs in the United States, and 64 percent of new jobs created in the last 15 years have been created by small businesses. In order to encourage small business growth and hiring in the United States, Congress passed the Small Business Jobs Act in 2010. The Act authorized the Treasury to hand out $1.5 billion in loan guarantees to states with solid plans to increase small business investment through loan guarantees and other lending programs.

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