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Table of Contents

Lead Story

Giving has no season

News

Industry Update

NFC race heating up

Proximity mobile payments get closer

VeriFone pays $485 million in stock for Hypercom

Features

Visa makes pitch for U.S. microlending

$60 million to fuel small business lending

BAI Retail Delivery 2010: All about retail banking in the 21st century

Ed McLaughlin
RemoteDepositCapture.com

Research Rundown

ISOMetrics:
The top 25 U.S.-based charities

Selling Prepaid

Prepaid in brief

Visa pushing prepaid cards for undeserved

Patti Murphy
Inside Microfinance

Gift cards versus the government

Thom Aldredge
World Gift Card

Views

Financing business startups: What ISOs should know

Brandes Elitch
CrossCheck Inc.

PCI changes, incremental step toward industry compliance

Paul Rasori
Secure POS Vendor Alliance

Education

Street SmartsSM:
Enlightening talk about gateways

Ken Musante
Eureka Payments LLC

Stay tuned to your needs when selling

Jeff Fortney
Clearent LLC

Ensuring sales and marketing success in 2011

Peggy Bekavac Olson
Strategic Marketing

PCI: The year in review, the year to come

Tim Cranny
Panoptic Security Inc.

Company Profile

SoundPOS LLC

New Products

Preparing for 1099-K

CompliAssure
Data Delivery Services Inc.

Inspiration

Give the gift of knowledge

Departments

Forum

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

December 13, 2010  •  Issue 10:12:01

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$60 million to fuel small business lending

The Communities at Work Fund announced recently that it has approved financing for and is in the process of distributing $60 million through community development financial institutions in hopes of fueling small business loans in economically disadvantaged communities throughout the United States.

The fund was launched in May 2010, with funding from the megabank Citigroup Inc., the Calvert Foundation and the Opportunity Finance Network. It provides financing to community development financial institutions (CDFIs) scattered throughout 39 states and the District of Columbia, which, in turn, lend money to nonprofit and for-profit organizations in otherwise financially underserved low-income communities.

"Less than six months after establishing the Communities at Work Fund, millions of dollars are in the hands of local lenders and small businesses," Bob Annibale, Global Director of Community Development Projects at Citi, said in a statement.

Powering job creation

"The money that has been deployed will produce vital jobs in the economic recovery in these communities," said Lisa Hall, Interim President and CEO at the Calvert Foundation.

Organizations receiving monies through the Fund thus far have included Accion Texas, the New Mexico Community Loan Fund, Enterprise Cascadia, Self-Help Ventures and the IFF (formerly the Illinois Facilities Fund).

"Funding for CDFIs and community development projects is hard to come by these days," said Bob Schall, President of Self-Help Ventures, a nonprofit that serves those left behind by the financial mainstream. CDFIs have been around for about 30 years. In 2008, the most recent year for which data is available, they provided $1.6 billion in financing, with lower net chargeoffs than FDIC-insured financial institutions.

One example of projects supported through the Communities at Work Fund financing: a company in Chicago's East Garfield Park (a low-income, largely neglected neighborhood) received funding from the IFF to develop a restaurant, catering and job training facility.

It's expected to create 12 new jobs and serve low-cost meals to about 3,500 local low-income families.

Patti Murphy is Senior Editor of The Green Sheet and President of The Takoma Group. E-mail her at patti@greensheet.com.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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