State gets $22M from feds for small business growth

By Herald Staff

Thursday, September 15, 2011 - Massachusetts will received $22 million from the federal government’s State Small Business Credit initiative aimed at helping companies expand and hire workers.

Gov. Deval Patrick announced the funding this morning at Thinking Phone Networks, a Cambridge company that makes technology for online phone calls. Thinking Phone was recently approved by the Patrick administration’s Massachusetts Growth Capital Corporation for a $1 million loan financed by the grant.

“Small businesses like Thinking Phone make up 85 percent of Massachusetts companies, employ a quarter of our residents and are the engine of an economy that is on the move,” Patrick said in a statement.

The program is part of President Obama’s Small Business Jobs Act that passed last year.

The Massachusetts Growth Capital Corporation plans to close four more loans totaling $700,000 in the next two weeks, according to the Patrick administration.

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