The federal Treasury Department has approved Louisiana’s entry into a program designed to provide loans to small businesses in the state.
The program is designed to support about $132 million in private lending. Louisiana is getting $13.2 million in federal funding from the Small Business Jobs Act that became law last fall.
The goal is to attract $10 in private lending for each dollar in federal funding for the program. The state economic development agency said Tuesday the funding will be used to support a state program to guarantee loans to small businesses and a venture capital program for startup businesses.
Those programs have been created in partnership with private lenders.
Nationally, the program has been allocated $1.5 billion with the goal of providing at least $15 billion in lending.