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Feds begin $1.5B loan effort to aid small business

By AP

DETROIT –
U.S. Treasurer Rosie Rios on Friday announced the first funding of the program in Detroit with Republican Michigan Gov. Rick Snyder. Michigan is getting $79.1 million under the program and North Carolina is getting $46.1 million.

Funding for other states is expected to be announced later.

They were joined by U.S. Sen. Debbie Stabenow and Congressman Gary Peters, both Michigan Democrats, at United Metal Products, a metal stamping facility.

The loan program is part of the Small Business Jobs Act that was signed in October by President Barack Obama.

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