Maine receives small business stimulus funding

The Small Business Jobs Act will be providing Maine more than $13 million with which to grow small businesses in the state by expanding credit and creating jobs.

Specifically, every $1 of the $13.2 million in federal funding will be used to spur $10 in small business lending and investment within the private sector, the Portland Press Herald reports.

A total of $7 million in funding will be split between the state's economic development agencies for loans, and $3 million will be awarded to the Small Enterprise Growth Fund and invested in Maine companies. The remaining $3.2 million will be distributed directly to businesses by the Finance Authority of Maine.

"This funding is going to leverage significant investments in Maine's small businesses and help spur development and job creation at a time we need it most," said Democratic Representative Mike Michaud, as quoted by the news source.

Elsewhere in the country, Wisconsin will receive $22.4 million for small business lending programs from the Treasury Department after the state's Small Business Credit Initiative application was approved.