HARTFORD, Conn. (AP) – Connecticut and federal officials say the state is getting a $13.3 million boost for small business lending.
Gov. Dannel P. Malloy and the U.S. Treasury Department announced Tuesday that the federal government has approved Connecticut’s application for the federal State Small Business Credit Initiative.
Connecticut will get $13.3 million to lend to credit-worthy small businesses. It’s intended to help those businesses get other money in private loans for projects that would expand and create jobs.
State officials say they expect that for every $1 in federal funds, businesses should be able to get at least $10 in new private lending through banks and the Connecticut Development Authority.
Treasury Secretary Tim Geithner announced the Connecticut funding, part of more than $534 million approved nationwide, at a conference in Washington, D.C.
(Copyright 2011 by The Associated Press. All Rights Reserved.)