Where Is The Small Business Funding?
The Treasury Department announced a new $1.5 billion lending program to help promote small businesses on the state level.
The six states receiving the largest amounts of funding include: California ($168.62 million), Florida ($97.66 million), Michigan ($79.16 million), Illinois ($78.37 million), New York ($55 million) and Ohio ($55 million). States will be permitted to use these additional funds to provide support for small manufacturers, to match bank loans, or to guarantee small business loans.
For every dollar received, states have to generate $10 in new private lending to help flow $15 billion back into the economy. Read more…