Five hundred million more dollars are being made available from the State Treasurer to lend to the state’s small businesses.
The bridge loans run through local banks at a low-interest rate. Mike Frerichs says these dollars are aimed squarely at small businesses in the state and won’t easily wind up in the hands of big operations.
The funds come from the $13 billion that the Treasurer manages as the state’s chief banker. They are released to local banks and credit unions to be loaned at below-market rates.