New Hampshire’s small businesses are getting help from the federal government to create jobs, The Associated Press reports.
Gov. John Lynch and U.S. Sen. Jeanne Shaheen announced Monday the U.S. Department of Treasury allocated $13 million for the state’s small businesses through its Small Business Credit Initiative.
The Executive Council votes Wednesday on contracting with the Business Finance Authority to administer the loan program.
The federal program is a new $1.5 billion initiative that leverages private lending to small businesses.
To qualify for funding, states had to show that each dollar in federal funding would leverage at least $10 in lending to small businesses. Shaheen and Lynch said that means the $13 million will mean at least $130 million worth of new loans to small businesses in the state.
