The U.S. Treasury is stepping in to help Missouri begin some small business lending.
Governor Jay Nixon announced on Tuesday that Missouri’s application for almost $27 million dollars in funding through the state Small Business Credit Initiative had been approved. The initiative was part of the Small Business Jobs Act that was signed into law by President Barack Obama last fall.
The state hopes to generate $10 dollars for every one dollar of federal money that is received, creating $269 million dollars in new private lending. Sixteen point nine million dollars of the funding will go to science and technology lending, ten million will go to industrial, commercial, agriculture and recreation.
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