ST. LOUIS (AP/KMOX) – Missouri will have access to nearly $27 million in State Small Business Credit Initiative funds, money that Gov. Jay Nixon says will help spur small business growth and create jobs.
The U.S. Treasury Department and Nixon announced the approval of Missouri’s application for the loan program on Tuesday.
“We hope to leverage (this money) into about ten times that investment,” Gov. Nixon said during a stop at the Center for Emerging Technologies to speak with small business owners who are utilizing the incubator facilities.
“We would hope that over the next few years this, in essence, will lead to $260 million in further investments and economic activity.”
The SSBCI program supports state-level, small business lending programs.
Missouri’s plan dedicates $16.9 million of the money to promote the formation and growth of high-tech businesses.
The other $10 million is for a program that supports industrial, commercial, agricultural and recreational sectors.
Missouri businesses can begin applying for the loans April 8.
Copyright 2011 by The Associated Press/KMOX Radio