Citi partners with NYC to help small businesses



Entrepreneurs looking to launch an LLC in New York may find help through a new partnership between Citi Group and the New York City Department of Small Business Services. The partnership, announced Thursday at the NYC Business Solutions Center in Brooklyn, will seek to help New York City's small businesses acquire necessary technical, banking and financial goals.

"Small businesses are the engine that drives our economy and these businesses need a boost during these challenging economic times," said Citi CEO Vikram Pandit. "Helping New York City's entrepreneurs get started, grow and thrive is a big part of our commitment to strengthening the communities we serve. This initiative is especially significant to Citi, as New York City is home to our global headquarters and more than 20,000 of our employees."

The community development branch of Citi Group will donate $385,000 in funding to the new partnership, to be used to expand NYC Business Solutions into low-income or underserved areas throughout the five boroughs. The funding will primarily assist in accounting and loan packaging.

Citi claims the initiative serves to tackle the problem of insufficient bookkeeping on the part of the city's small business - a credibility issue that makes lending difficult for banks.

Tags : incorporation news, ny, small business management
Posted: Oct 21st, 2010
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