Obama Administration Releases Funding for Small Business Loans
The Obama administration today approved applications for $360 million in funds that can be used by governments in 11 states and the District of Columbia to fund small business loans.
The Treasury Department said the funds are part of the State Small Business Credit Initiative (SSBCI) funding, could trigger more than $3.6 billion in additional small business lending when combined with loans from the private sector.
The states, and the amount of money they will receive are: Alabama ($31.3 million), District of Columbia ($13.2 million),Florida ($97.7 million), Idaho ($13.2 million), Iowa ($13.2 million), Louisiana ($13.2 million), Mississippi ($13.2 million), Ohio ($55.1 million), Oregon ($16.5 million), Tennessee ($29.7 million), Texas ($46.6 million) and Virginia ($18.0 million).
The program was established by Congress last year.