Treasury Department approves California credit program



The U.S. Department of the Treasury announced Thursday it has approved a funding initiative in the state of California that is expected to create new jobs and generate some $1.7 billion in small business lending.

The State Small Business Credit Initiative is part of the Small Business Jobs and Credit Act, passed last September, and is hoped to also help entrepreneurs incorporate in California - a state that is currently grappling with a $28 billion budget deficit.

"These funds will help break down barriers to credit for small businesses so that Main Street entrepreneurs can continue hiring and investing in their local communities," said U.S. Treasurer Rosie Rios. "Public-private lending partnerships, such as the State Small Business Credit Initiative, have a proven track record of success."

The total allocation of the state's SSBCI funding will be approximately $1.7 million, which economists expect will generate a ten-fold increase in private lending to reach a total of $1.7 billion.

A Citibank survey released Thursday found 54 percent of California small businesses believe 2011 will be better than last year, suggesting improving conditions for the sector in terms of both confidence and credit availability.

Tags : ca, financial management, incorporation news, small business management
Posted: Feb 18th, 2011
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