AUGUSTA, Maine (AP) — State and federal officials say more than $13 million in small-business loan money is headed to Maine.

Gov. Paul LePage and the U.S. Treasury Department announced Friday that Maine’s State Small Business Credit Initiative application has been approved in Washington.

The money will come to the state Department of Economic and Community Development, which will make loans available through the Finance Authority of Maine to small businesses in need of capital.

LePage says Maine expects to leverage at least $10 in new private lending for every $1 in federal funding, meaning the $13.2 million allocation for Maine could result in $132 million in new private lending in the state.

LePage says Maine businesses need access to credit to expand and create jobs.

Copyright 2011 The Associated Press.