The U.S. Department of the Treasury and the Iowa Department of Economic Development (IDED) announced the approval of a State Small Business Credit Initiative (SSBCI).

Under the Small Business Jobs Act signed into law last fall, Iowa can access $13.2 million in SSBCI funds, which are expected to generate at least $10 in new private lending for every $1 in federal funding.

The IDED will use the SSBCI funds to support the launch of the Iowa Capital Access Program, and to enhance the Iowa Demonstration Fund Program and the Iowa Small Business Loan Program, it said in a press release.

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