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Va. gets federal funds to help small businesses

Tuesday - 4/29/2014, 7:08pm  ET

RICHMOND, Va. (AP) -- Virginia is getting additional federal funding to help finance more small businesses throughout the state.

Gov. Terry McAuliffe says the Virginia Small Business Financing Authority has secured an additional $5.9 million from the U.S. Treasury Department.

Officials say the state will use the funds to help increase private lending and investment in small businesses by partnering with Virginia's banks.

So far during the fiscal year that began July 1, the state's small business financing authority has helped Virginia's banks lend more than $16 million to nearly 100 businesses.

That financing helped create nearly 360 jobs and retain an additional 410 jobs in the state.

It is Virginia's second disbursement of funds from the Treasury Department's State Small Business Credit Initiative.


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