Published by Arkansas News Bureau

LITTLE ROCK — Arkansas is eligible for up to $13.1 million in federal funds to help generate jobs through lending and guaranteeing loans to small and minority businesses, Gov. Mike Beebe announced today.

Each $1 invested in the U.S. Department of the Treasury’s State Small Business Credit Initiative is expected to leverage at least $10 in private funding, resulting in an additional $130 million that will go to small businesses across the state, the governor said.

“We’re trying to create some capital collaboration with our banks for loans, and in some instances possibly more investment in small business enterprises, to create a better atmosphere for our small businesses to be able to have some capital to  help stimulate the economy,” Beebe said during a news conference at the state Capitol.

The program is part of the Small Business Jobs Act signed into law by President Obama in September

Those include Capital Access Program, Arkansas Risk Capital Matching Fund, Bond Guaranty Program, Disadvantaged Business/Small Business Guarantee Program, ADFA co-investment Fund and Seed and Angel Capital Network.

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