Mass. Small Businesses To Get Boost From Government

Massachusetts will receive $22 million from the Obama administration to lend to small businesses and Gov. Deval Patrick plans to use that money to urge small businesses to hire new employees.

Thinking Phone Networks, a Cambridge firm that makes office telecommunications systems, is set to receive one of these loans. CEO Steven Kokinos says he plans to double the company's workforce over the next year but he needs capital to pay for that growth.

"The traditional financing markets, you know it's a difficult environment out there right now," Kokinos said.

Tech companies are having an especially difficult time getting loans as many banks are shying away from new business models that seem riskier.

Patrick says these government loans can make the difference between small businesses adding jobs or just sitting on the sidelines.