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ND cities get money for loans to small businesses

Thursday, 18 Oct 2012 | 10:28 AM ET

CARRINGTON, N.D. -- The U.S. Treasury Department has provided $3.4 million to a group of 36 North Dakota cities to support loans to small businesses.

Every $1 in federal money must be matched with $10 in private sector investment, which will lead to $34 million in private sector funding.

The city of Carrington is the lead community for the group of cities in central and eastern North Dakota.

Deputy Assistant Treasury Secretary Don Graves ways the State Small Business Credit Initiative program will help small businesses get the money they need to expand and create jobs.