The U.S. Treasury Department is providing South Dakota with nearly $4.5 million to help a state program expand its lending program for small businesses.
The State Small Business Credit Initiative provides federal money to state agencies for lending and investing programs.
The federal money will go to the South Dakota WORKS program to leverage private loans to small business programs. The private loans often come from local community banks.
Sen. Tim Johnson, chairman of the U.S. Senate Banking Committee, says small businesses are the engines of the economy and the federal funding will help their efforts to expand and grow.
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