WASHINGTON, D.C. U.S. Sen. Sherrod Brown, D-Ohio, announced Tuesday the availability of $55,138,373 in federal funding to expand access to credit for small businesses in Ohio looking to grow operations and create jobs.
According to a news release, funding is to be made available through U.S. Treasury Department's State Small Business Credit Initiative, a program passed as part of the Small Business Jobs Act signed into law last year.
The funds are expected to leverage up to 10 times the award amount in private investments, which could lead to up to $551,383,730 in total support for small businesses.
"Small businesses are the lifeblood of our economy, but too many are struggling to access the credit they need to create jobs," Brown stated in a news release. "With nearly two-thirds of all new jobs originating in small businesses, reliable access to lending is vital for encouraging our state's economic recovery. This funding will provide an immediate boost to Ohio small businesses and help leverage additional private investments that will help add jobs all across our state."
Endorsed by Chamber of Commerce and National Federal of Independent Businesses, the Small Business Jobs Act created a $30 billion loan fund-at no cost to taxpayers-to enable community banks to make loans to small businesses seeking to expand operations or hire new workers.
State Small Business Credit Initiative is to provide grants for the next 10 years to support lending programs to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans needed to expand and create jobs.