By The Associated Press
WASHINGTON (AP) — The Obama administration announced Tuesday the approval of $360.9 million in applications by 11 states and the District of Columbia for funding under a program designed to encourage new lending to small businesses to help create jobs.
The goal of the program is to attract $10 in private lending for each dollar in federal funding. States can use the federal money to support their programs to guarantee loans to small businesses. Under the Small Business Jobs Act of 2010, $1.5 billion in funding was allocated for the program with the goal of generating at least $15 billion in lending.
The Treasury Department announced applications approved for Alabama, $31.3 million; Florida, $97.7 million; Idaho, Iowa, Louisiana, Mississippi and the District of Columbia, $13.2 million each; Ohio, $55.1 million; Oregon, $16.5 million; Tennessee, $29.7 million; Texas, $46.6 million, and Virginia, $18 million.