$22M will help Mass. leverage business loans

BOSTON – Gov. Deval Patrick last week announced that Massachusetts will receive $22 million through the Obama administration’s State Small Business Credit Initiative.
The funding will leverage more than $220 million in private financing and bolster the state’s efforts to provide small businesses with access to capital.
The program, which supports state-level, small-business lending programs, is part of the Small Business Jobs Act President Barack Obama signed into law last fall. Patrick’s administration applied to access program funding in June.
The state’s $22 million allocation is expected to support more than $220 million in new private financing and significant job growth across the state. The overall $1.5 billion federal funding commitment for the program will lead to at least $15 billion in additional private lending nationwide. &#8226