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May 5, 2010, 5:00 am
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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One Response to Citigroup Forms Nonprofit Partnerships on Small-Business Lending
joe5991 - May 5, 2010 at 3:12 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.