The U.S. Department of the Treasury announced today it has approved the State Small Business Credit Incentive (SSBCI) applications received from 11 states and Washington D.C. The allocation of $360 million under the incentive program is part of the Small Business Jobs Act signed into law last fall.

In a statement, the agency said the funding will help create new private-sector jobs and spur more than $3.6 billion in additional small business lending. Under the Act, these applicants are expected to generate a minimum of at least $10 in new private lending for every $1 in federal funding. The $360 million allocation is expected to support more than $3.6 billion in new private lending.

SSBCI, which supports state-level, small-business lending programs, is an essential component of the Act signed into law by President Obama. “Unlocking credit for small businesses will provide a powerful boost for investment and job creation in local communities across the country,” said Deputy Secretary of the Treasury Neal Wolin in a press release.

The objective of the incentive program is to help state programs, which partner with private lenders and investors, to increase the amount of credit available to small businesses. Overall, the program is expected to allocate $1.5 billion federal funding with commitment from applicant states to generate more than $15 billion in additional private lending across the country.

The first group of loan recipients are Alabama ($31.3 million), Florida ($97.7 million), Idaho ($13.2 million), Iowa ($13.2 million), Louisiana ($13.2 million), Mississippi ($13.2 million), Ohio ($55.1 million), Oregon ($16.5 million), Tennessee ($29.7 million), Texas ($46.6 million), Virginia ($18.0 million), and Washington, D.C. ($13.2 million).