State Awarded Federal Funding For Small Businesses

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COLUMBUS, Ohio (AP) – More than $18.7 million in federal funding to help small businesses has been awarded to Ohio.

The U.S. Treasury Department recently announced the State Small Business Credit Initiative funding to help small businesses access capital for job growth and creation.

To date, more than $55 million in initiative funds have been disbursed to the Ohio Development Services Agency to support small businesses and the local economy.

The initiative’s director says small businesses are the nation’s leading job creators. Director Jeffrey Stout says the initiative connects sources of capital to the businesses that need them.

The program’s most recent quarterly report shows Ohio has deployed more than $33 million in initiative funds. Through 2014, Ohio business owners reported the program would help them create or retain nearly 7,000 jobs