The U.S. Treasury Department unveiled a small business lending stimulus Thursday morning, intended to push more than $130 million into Idaho's economy.
The State Small Business Credit Initiative is a component of the Small Business Jobs Act President Barack Obama signed into law last week. Nationwide, more than $15 billion is expected to be funneled to new small business lending in order to create new jobs.
Under the SSBCI, Idaho businesses and lender will be able to apply for $131,683,500 in federal funds. Idaho and other states would be required to demonstrate a "bang for the buck" of $10 in private lending for every $1 in federal funding.