Citigroup Forms Nonprofit Partnerships on Small-Business Lending

The banking giant Citigroup is teaming up with two nonprofit organizations on a $200-million loan fund for small firms in low- and moderate-income areas, The Washington Post writes.

Citigroup will put up $199-million for the Communities at Work Fund, with the rest coming from the Calvert Foundation, a nonprofit investment group, and the Opportunity Finance Network of community lenders. Calvert will manage the fund.

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Comments

1. joe5991 - May 05, 2010 at 03:12 pm

This program is supposed to be channeled through CDFIs and it also will be available for CDFI lending to community non-profits but it should be noted that the fund is to provide capital through local lending organizations and not be a direct to borrower lending program.