Small Business Aid: States To Receive $1.5 Billion

12/08/2010 05:12 am ET | Updated May 25, 2011

Reuters) - The Treasury Department on Friday announced a $1.5 billion lending initiative to promote small businesses at the state level.

To receive funding, states have to demonstrate that for every dollar the federal government provides, they will generate $10 in new private lending, which will create an impact of $15 billion on the economy, the Treasury said.

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