Small Business Finance News

Citigroup Extends Credit To Low Income Communities

Written by Jenna Weiner
Published: 11/5/2010

Banking giant will support $60 million in loans to the Community Development Financial Institutions

Thanks to a new initiative by a major banking giant, small businesses will have a brand new way to get credit at a time when many are struggling.

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Citigroup announced that it would be supporting $60 million in loans to Community Development Financial Institutions, the bank said on Wednesday. The funds are part of the financial giant's Communities at Work Fund, aimed at helping small businesses in low-income communities get funding.

The CEO of Citigroup, Vikram Pandit, said that his company looked forward to working with non-profit organizations in an effort to boost lending.

"Citi is committed to helping small businesses grow and succeed. Working with Calvert Foundation and Opportunity Finance Network, we are helping give small businesses the boost they need during challenging times. These businesses strengthen communities and spur the job creation that is essential to drive our nation's economic recovery."

CitiGroup has not only been making news for small business but also for homeowners struggling to pay their mortgages. The group's CitiMortgage arm said that it had increased the amount of loan modifications by 4.9 percent from August to September.

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