The U.S. Treasury Department and Gov. Jay Nixon announced on Tuesday that Missouri’s application for State Small Business Credit Initiative funds were approved.

Missouri will have access to nearly $27 million for small business lending loans beginning next month.

This program helps to create jobs and stimulate small business growth.

Nixon said funds will create more than $270 million in additional small business lending. Missouri’s plan dedicates nearly $17 million to promote the formation and growth of high-tech businesses and the remaining $10 million for industrial, agricultural and recreational programs.

David Ross, the deputy district direction of the U.S. Small Business Administration in Kansas City, said the funding program will stimulate Missouri’s economy and create jobs.

“It’s going to flow right back to small business and create jobs. We’re all in favor of anything that is going to help us in that direction,” Ross said.

Missouri businesses with fewer than 500 employees can begin applying for the loans on Friday, April 8.

The SSBCI is part of President Barack Obama’s Small Business Jobs Act of 2010.

– Missouri Digital News