Patrick announces additional small business funding in Massachusetts

9/16/2011

Massachusetts Governor Deval Patrick recently announced the state will receive $22 million to fund small business loans, the Boston Business Journal reports.

The funds will come from the federal government's Small Business Credit program, a derivative of President Barack Obama's Small Business Jobs Act.

Patrick, who made the announcement at Cambridge-based online phone-call technology company Thinking Phone Networks, was pleased with the donation.

"Small businesses like Thinking Phone make up 85 percent of Massachusetts companies, employ a quarter of our residents and are the engine of an economy that is on the move," said Patrick, as quoted by the Boston Herald.

The BBJ adds that the state applied for funding in June, and proved worthy of the loan since existing loan programs, such as the Massachusetts Growth Capital Corporation, generated at least $10 in private lending per $1 of federal funding. As a result, Patrick believes the $22 million allocation will generate at least $220 million in private financing and job growth.

The MGCC recently provided Thinking Phone with $1 million in capital.