Treasury Announces $1.5 Billion Small Business Package

The Treasury Department announced a $1.5 billion lending package to boost small businesses at the state level.

The money will be available to states that can demonstrate that they will generate $10 in new private lending for every dollar of federal funds they receive, Reuters said. This could create a package worth a total of $15 billion.

California will receive $168.62 million, with Florida receiving $97.66 million. New York and Ohio will each get slightly more than $55 million.

The states can use the funds to provide collateral support for small businesses or guarantee small business loans.