Kansas lands $13.2 million federal grant for small business loans

The state of Kansas got final approval for $13.2 million in federal funding for its million State Small Business Credit Initiative.

The program supports state level small-business lending programs, is an important component of the Small Business Jobs Act signed into law last fall.

As part of the funding, Kansas expects banks to lend $10 for every $1 in federal funding, the allocation is to support more than $132 million in new private lending.

"This program gives Kansas another tool to help us grow the state's economy and create jobs," Gov. Sam Brownback said in a statement.