Citi approves $60 million in loans for small businesses in disadvantaged areas



Citigroup has approved a $60 million lending initiative for small businesses and startups in low-income areas. The funding is part of the New York City-based bank's $200 million Communities at Work Fund, which seeks to provide disadvantaged communities with economic opportunities.

"Citi is committed to helping small businesses grow and succeed," said Citi CEO Vikram Pandit. "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."

The funding will be directed first toward Community Development Financial Institutions - nonprofit groups that specialize in providing small business lending opportunities for areas underserved by traditional banks.

The funding, which is expected to be completed by the end of the year, aims to provide further incentive for individuals looking to launch an LLC in New York or any other of the 39 states to be included in the initiatve.

Tags : financial management, ny, small business management
Posted: Nov 4th, 2010
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