The U.S. Treasury Dept. freed up more than $13.2 million in new lending for Idaho small businesses today. The effort, called the Idaho State Small Business Credit Initiative, is earmarked to create new private sector jobs.
Treasury officials expect every $1 in federal funding to generate $10 in new private lending. Thus the goal is to pump $132 million into the Gem State's struggling economy. Idaho's Dept. of Commerce will partner with the Idaho Housing and Finance Authority to administer the funds. Nationwide the effort totals $1.5 billion.