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