Mass. to get $22M from feds for small businesses

September 15, 2011 CAMBRIDGE, Mass.—Gov. Deval Patrick says Massachusetts will be receiving $22 million through a federal program aimed at helping small businesses grow.

The governor announced on Thursday that the state has been awarded the funds through the State Small Business Credit Initiative, created by the federal government last year as part of a plan to boost small business employment.

It's hoped the money will help companies access private capital to grow their operations. The Patrick administration believes that for each $1 dollar in federal funding, businesses should be able to leverage $10 in private financing, leading to a net gain of $220 million in available capital.

The announcement was being made at the offices of Thinking Phone Networks, a 6 year-old Cambridge firm that recently expanded with the help of a state loan.