Citigroup Teams Up With Bethesda Group to Boost Small Business Lending
Citigroup is teaming up with two organizations to start a $200 million lending program for small businesses in low-to-moderate income communities across the country.
Citigroup is putting up $199 million, with the Calvert Foundation, a Bethesda-based nonprofit community investment organization, and Opportunity Finance Network, an umbrella group for community development lenders, providing the rest.
The Communities at Work Fund, to be announced Wednesday, will make loans through community development loan funds at a rate of 4.3 percent, which will then lend to small businesses at a rate of about 6 to 8 percent, said Mark Pinsky, chief executive of the Opportunity Finance Network.
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%0D%0A%20%20Citigroup%20is%20putting%20up%20$199%20million,%20with%20the%20Calvert%20Foundation,%20a%20Bethesda-based%20nonprofit%20community%20investment%20organization,%20and%20Opportunity%20Finance%20Network,%20an%20umbrella%20group%20for%20community%20development%20lenders,%20providing%20the%20rest.%0D%0A<%2Fp>%0D%0A
%0D%0A%20%20The%20Communities%20at%20Work%20Fund,%20to%20be%20announced%20Wednesday,%20will%20make%20loans%20through%20community%20development%20loan%20funds%20at%20a%20rate%20of%204.3%20percent,%20which%20will%20then%20lend%20to%20small%20businesses%20at%20a%20rate%20of%20about%206%20to%208%20percent,%20said%20Mark%20Pinsky,%20chief%20executive%20of%20the%20Opportunity%20Finance%20Network.%0D%0A%0D%0A%0D%0Ahttps%3A%2F%2Fwww.nonprofitpro.com%2Faggregatedcontent%2Fcitigroup-teams-up-with-bethesda-group-goost-small-business-lending%2F" target="_blank" class="email" data-post-id="17156" type="icon_link"> Email Email
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