LITTLE ROCK, Ark. (KNWA/KFTA) — Governor Hutchinson approves an additional $1 million for small business loans to meet additional loan requests.
He said so far, the state has supplied $5 million for 246 bridge loans to small businesses affected by COVID-19.
The state believes this money helped retain 2,500 full-time jobs and another 1,000 part-time jobs.
But the loan program ran out of money before it could meet every request, so the Governor decided to add additional funds.
“That should be sufficient to meet the additional loans that are backed up and have not been fulfilled at this time,” Gov. Hutchinson said.
The money will come from the quick action closing fund meant to create and retain jobs.