Feds Approves New Small Biz Funding to 3 States

Small business lending took a huge hit during the financial crisis, but is slowly on the mend. And now that the Treasury Department is pitching in, a complete turnaround may be seen even sooner. The Treasury announced Tuesday that it has approved three states–Connecticut, Missouri and Vermont–for a combined $53.4 million in funds , which it estimates will generate more than $534 million overall in small business lending. Want a piece of that? Or want to know if your state will receive funds? Here’s the deal. The funds are part of the Small Business Credit Initiative, which is a component of the Small Business Jobs Act from last year. States can apply to fund state-run programs that offer small business lending in conjunction with private lenders. To receive funds, a state must show that every $1 in federal money will be matched by at least $10 in private lending. To find out if your state applied for a grant–or the final destination of the money provided to Connecticut, Missouri and Vermont–contact your state’s economic development agency . Officials should be able to tell you whether they applied for a grant and, if so, for which programs. They should also be able to give you a timeframe in which you must apply for small business lending. If you find out that your state failed to apply for money, all hope is not lost. The Treasury Department will accept applications from municipalities if they are able to meet requirements. Your municipality should have a similar economic development agency or business organization, which would be the place to start. Related Resources: 3 states to get $53.4M for small business loan programs (CNNMoney) Sources of Small Business Financing (FindLaw) Show Me the Money – Tips For Business Loans (FindLaw) Financing Basics (FindLaw) Has Small Business Lending Gone Up or Down? (FindLaw’s Free Enterprise) New Small Business Law Passes: What it Means (FindLaw’s Free Enterprise)

Original post:
Feds Approves New Small Biz Funding to 3 States

ATTORNEY ADVERTISEMENT:  This communication or portions thereof may be considered "advertising" as defined by Section 6157(c) of the California Business and Professions Code or within the jurisdiction in which you are viewing this.  Nothing in the discussion above is intended to be a representation or guarantee about the outcome of any legal proceeding in which you may be involved.  By providing the information above in this format, Michel & Associates is not soliciting you to hire it to handle a specific legal matter you may currently have or be anticipating commencing in the future.  Notwithstanding the discussion above, you should not act or refrain from acting on the basis of any content on this site without seeking appropriate legal advice regarding your particular circumstances from an attorney licensed to practice law.  This communication is informational only and does not create an attorney-client relationship between you and Michel & Associates.  Michel & Associates's attorneys are licensed to practice in California, Texas, and the District of Columbia.