The money is part of President Barack Obama's Small Business Jobs Act, aimed at fostering lending that can spur growth and job creation.
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Excelsior Blvd. is closed at Fairview Ave. until about 1 p.m. Wednesday.
Minnesota has been awarded $15.5 million in federal funding to offer small businesses loans in hopes of boosting the local economy. The money is part of President Obama's Small Business Jobs Act, which was signed into law last year.
Gov. Mark Dayton pledges $100 million in new direct lending money to job creators. He makes the announcement after Tuesday's Jobs Summit in St. Paul. The added funds will go to qualifying Minnesota banks to distribute as business loans. Dayton says the move will double the state's investment in Minnesota small businesses.
When Minnesota entrepreneurs are in need of cash, many of them end up in the offices of local non-profits. Some of state's most generous non-profits when it comes to business lending are getting $4.5 million from the federal government to help out Minnesota businesses.
Gateway offers loans through thousands of used car dealers in 30 states. So far this year, the company’s made $200 million. TCF officials say they'll start offering car loans in the next few months.
The U.S. Department of Transportation is releasing $473 million in unspent highway earmarks from 2003 to 2006 and allowing states to use the money on any eligible project this year. Minnesota's share is $11.2 million. The Business Journal writes the state must identify the projects that will be funded by this money by Oct. 1.
College students looking for private loans have fewer options. Minnesota Daily reports after nearly 40 years in the student-loan business, Minneapolis-based U.S. Bancorp is going to pull out of the student loan market. A company spokesperson said U.S. Bank was a "very small player" with less than 1.5 percent of the student-lending market share. JPMorgan Chase has also decided to only lend student loans to existing customers.
There is no question — our economy is a mess. Whether it’s Minnesota’s $5 billion deficit, our nation’s mind-boggling debt, or the near bankruptcies of other nations – we are fighting a financial war on all fronts.
