Business
9:40 am
Tue March 22, 2011

Nixon: Mo. gets $27 million in incentives program

Updated at 1:10 p.m.  March 22, 2011 with comment from Nixon.

Missouri is receiving $27 million in federal money to boost small business growth and job creation.

The State Small Business Credit Initiative supports state-level, small business lending programs and is part of the Small Business Jobs Act signed by President Obama last fall.

Governor Jay Nixon made the announcement this morning during a visit to the Center for Emerging Technologies, a St. Louis incubator lab working to advance technology companies.  

"These investment funds will provide critical financing to help these businesses and others like them throughout our state grow and prosper, quite frankly, accelerate," Nixon said. "This means that we'll be able to continue to create jobs today and position our economy for continued growth in the future."

Nixon says Missouri's use of the $27 million will help create new jobs and should spur more than $269 million in additional small-business lending in the state.

Missouri businesses can begin applying for the loans April 8.