Gov. Mark Dayton announced on Wednesday a stimulus plan to give $100 million to community banks to provide loans to small businesses struggling in today's economy.
Dayton announced the plan one day after a statewide job summit that many small business owners attended.
"These funds will help break down one of the largest barriers to job growth in our state," he said, according to the Star Tribune.
According to the plan, the State Board of Investment will divide $100 million among any of the state's nearly 300 local banks that qualify. The maximum any one bank can receive is $1.5 million.
There is no guarantee that the banks will use the money for loans, but Dayton is strongly encouraging them to.
"We can't prod or force the lenders to do more," Dayton said. "But we can lead by example and encourage more active participation."
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