New Hampshire small businesses could soon access $13 million that will help them grow and create jobs. Governor John Lynch today announced that the U.S. Department of the Treasury has allocated $13 million for New Hampshire small businesses through its State Small Business Credit Initiative (SSBCI).
The Executive Council will vote Wednesday on entering a contract with the Business Finance Authority to administer the loan program.
The funding will support small business lending programs through the Business Finance Authority that will leverage over $130 million in additional private lending for small businesses in New Hampshire.
"As I speak with business leaders across the state, they tell me access to credit and working capital continues to be a challenge. These funds will increase access to credit, which our small businesses need to meet customer demands, allowing them to grow and create jobs," Governor Lynch said. "Small businesses are the backbone of our economy here in New Hampshire and we must continue to do what we can to help our small businesses flourish if we are going to continue to be a leader in economic recovery."
The SSBCI is a new $1.5 billion initiative included in the Small Business Jobs Act, which President Obama signed into law in October. The funds strengthen state programs that leverage private lending to small businesses and manufacturers that are still struggling to access the funds needed to grow even though they have good credit. To qualify for the grant, states had to show that each dollar in federal funding would leverage at least $10 in lending to small businesses.