Treasury Department Approves $3.6 Billion In Small Business Lending

The Treasury Department said it has approved funding that will help spur more than $3.6 billion dollars in extra small-business lending. So far, 11 states and the District of Columbia will have access to the funds, which are made available through the Small Business Credit Initiative — part of the Small Business Jobs Act that President Barack Obama signed into law last fall. Treasury said the funds will not only expand small-business lending, but hopefully spur job growth also. The agency expects the funds to generate at least $10 in new private lending for every $1 in federal funding.