Michigan and Carolina Receive New Small Business Funds
Posted on January 23rd, 2011
A $1.5 billion small business lending initiative of the Federal government makes funds available to states of Michigan and North Carolina. Michigan alone received $79.1 million from State’s Small Business Credit Initiative that is expected to generate more than $790 million for small business lending.
The state of North Carolina has extended $46.1 million in funds and that is expected to generate loans exceeding $460 million for small businesses. This comes as an aftermath of the small business jobs legislation introduced in October.
All 50 states of US, the District of Columbia and U.S. territories can apply for federal funds under the lending initiative. This initiative makes it possible to partner with private lenders and make greater credit available to small businesses. The states just need to prove that they can generate $10 in private lending for every $1 in federal funding. The current $1.5 billion federal funding is expected to support $15 billion in private lending.
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Tags: Funds, Small Business
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