Friday, October 8, 2010

States to receive $1.5 billion for small businesses | Reuters

States to receive $1.5 billion for small businesses Reuters

To receive funding, states have to demonstrate that for every dollar the federal government provides, they will generate $10 in new private lending, which will create an impact of $15 billion on the economy, the Treasury said.

Among the six states receiving the biggest allocations, California has the largest at $168.62 million, followed by Florida at $97.66 million. Michigan can receive up to $79.16 million and Illinois up to $78.37 million. Both New York and Ohio will each receive slightly more than $55 million.

The states can use the funds in programs that provide collateral supports for small manufacturers, give a matching contribution to bank loans, or guarantee small business loans.

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