Connecticut is slated to receive more than $13 million for small business lending, under a new federal program that aims to expand and create jobs in the state, state officials said.
The U.S. Treasury Department is allocating the $13.3 million infusion to Connecticut as part of the recently-passed Small Business Jobs Act.
Nationally, $1.5 billion has been allocated for small business lending.
Through this part of the Small Business Jobs Act, states have the opportunity to apply for federal funds for programs that partner with private lenders to extend greater credit to small businesses.
States are required to demonstrate a minimum of $10 in new private lending for every $1 in federal funding.
Accordingly, the $1.5 billion investment from the federal government is expected to support $15 billion in additional private lending.
