Iowa has received a funding commitment of $13.2 million from the Treasury Department to expand the state’s small business lending programs, the Treasury announced this morning. The funding was authorized by the Small Business Jobs Act signed by President Barack Obama on Sept. 27. Under the State Small Business Credit Initiative, states can apply for their share of $1.5 billion in funding to use in programs that partner with private lenders to make small business loans. States will be required to demonstrate a minimum “bang for the buck” of $10 in new private lending for every $1 in federal funding, so the program is expected to leverage $15 billion in additional private lending. The legislation used a formula taking into account each state’s unemployment rate and decline in employment rates relative to other states to determine the allocations.