New Hampshire receives funding from SSCBI

7/12/2011

The U.S. Department of the Treasury recently made headlines after issuing $13 million to New Hampshire small businesses.

In order to administer the release of funds, the New Hampshire Executive Council will meet with Governor John Lynch this week to approve a contract with the Business Finance Authority, which aims to leverage more than $130 million in business credit, the Union Leader reports.

The small business loan was made possible by the State Small Business Credit Initiative - a $1.5 billion initiative created by the Small Business Jobs Act.

"As I speak with business leaders across the state, they tell me access to credit and working capital continues to be a challenge," said Lynch. "These funds will increase access to credit, which our small businesses need to meet customer demands, allowing them to grow and create jobs."

In order to qualify for the loan, states must prove that each dollar of federal funding would leverage at least $10 in small business lending. BusinessWeek points out that the $13 million awarded to New Hampshire would result in at least $130 million worth of new loans.