U.S. Senator Debbie Stabenow today applauded a new report by the U.S. Treasury Department that 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 creditworthy but are not getting the loans they need to expand and create jobs. Sen. Stabenow helped lead the effort in the Senate with Sen. Carl Levin to create this initiative in the Small Business Jobs Act, which was signed into law in 2010.
"Michigan is number one in the country in state small business lending, which is great news for our economy," said Stabenow. "Small businesses create the majority of new jobs, and our entrepreneurs are ready to hire if they can get the capital they need to grow and be successful. This report will bolster our efforts in Congress to extend this initiative, which is still vitally needed to ensure even more small businesses can obtain a loan to expand and create jobs."
According to the Department of Treasury, every dollar of federal support leverages $10 in private sector lending or investments in small businesses.