Federal funds of $13.1 million are now available to Arkansas so that businesses can use the money to generate jobs. Every $1 invested in the State Small Business Credit Initiative will be leveraging $10 in private lending. This will result in additional $130 million that will go to small businesses in Arkansas.
Small business enterprises are encouraged to participate in this program, and banks are expected to accomplish this task. This will definitely create a better atmosphere for small businesses that will now be able to secure more capital for stimulating the economy.
This program is part of ‘Small Business Jobs Act’ that was signed into law by President Obama. The Arkansas Development Finance Authority will join hands with Arkansas Economic Development Commission and Arkansas Science and Technology Authority in order to facilitate distribution of the money to businesses operating in the state.
Arkansas already received $4.3 million and will receive the rest of the amount in two equal installments. But the allocated funds need to be spent or else the Treasury may cease to provide more funds. Some of the beneficiaries from the allocated funds are Helena-West Helena that received a $230,000 loan grant and American Vegetable Soybean that received $700,000 in loans.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com