LANSING, MI (WTVB) - The weather is gradually moving away from the wicked winter toward spring and the economy continues to warm up as well. A new report by the U.S. Treasury Department shows Michigan leading the nation in small business lending through the State Small Business Credit Initiative. Michigan has received and distributed more than $69.5 million through this initiative, which leverages private lending to help finance small businesses and manufacturers that are credit worthy but are not getting the loans they need to expand and create jobs. It’s part of the Small Business Jobs Act, which was signed into law in 2010. Small businesses create the majority of new jobs, and they’re ready to hire if they can get the capital they need to grow.
State business officials say the report will bolster efforts in Congress to extend the initiative. According to the Department of Treasury, every dollar of federal support leverages $10 in private sector lending or investments in small businesses.