Ritter: Banks to provide $172 million for Colorado small businesses
October 8, 2010
DENVER (AP) – Gov. Bill Ritter says Colorado banks will be able to provide another $172 million in revolving loans with help from the federal Small Business Jobs Act.
Ritter says the state provided $400,000 last year to allow banks to provide $5.7 million in loans, creating 1,100 jobs.
He said another $17.2 million from the U.S. Treasury will allow banks to loan out 10 times that amount, creating “thousands of jobs.”
The money is being provided to 10 states under the State Small Business Credit Initiative designed to support private sector lending to small businesses.