Tuesday, May 11, 2010
How to Get Business Credit
Call Lu'na Directly at 201.472.0759 to learn more about program. Free E-Book and Other informational Material. Initial Consultation ok.....
Community lenders hit the funding jackpot
Community Development Financial Institutions (CDFIs) have been a rare small business lending success story this year -- and next year, they'll have more cash.
NEW YORK (CNNMoney.com) -- Goldman Sachs' banking titans and top congressional Democrats don't often see eye to eye -- executive pay caps, anyone? But here's something the megabank and Capitol Hill agree on: One of the best ways to get financing to worthy small businesses is through a little-known community lending vehicle called a CDFI.
Taken together, Goldman Sachs and the federal government have earmarked more than $300 million to invest in these local financiers in 2010. Compared to Wall Street's bailout billions, that's pennies on the dollar, but for CDFIs it's a jackpot. Next year's funding pool is almost three times bigger than any they've ever had before.
A CDFI is a Community Development Financial Institution, a certification conferred by the Treasury Department. The program gives low-interest government loans, grants and tax credits to organizations that specialize in economically developing low-income and otherwise underserved markets.
Citi Plans to Start a Small-Business Fund for Lower-Income Areas
Communities at Work Fund™
The Communities at Work Fund™ was established to create jobs, drive economic recovery, and provide hope and opportunity to thousands of Americans living in disadvantaged communities.
The Fund will accomplish this goal by making affordable loans available on a timely basis to Community Development Financial Institution (CDFI) loan funds that finance small businesses, not-for-profits, charter schools, and other community service organizations in low-income and low-wealth communities. The Fund will primarily offer unsecured, interest-only loans with terms up to five years to CDFI loan funds and CDFI affiliates participating in the New Markets Tax Credit Program.
The Fund is initially capitalized with $200 million, and is structured as a limited partnership—with Citi as the Limited Partner, and Calvert Foundation and Opportunity Finance Network as General Partners. Calvert Foundation and Opportunity Finance Network will jointly manage the Fund, with Calvert Foundation responsible for managing lending and fund administration and Opportunity Finance Network responsible for marketing and compliance.
Citi Plans to Start a Small-Business Fund for Lower-Income Areas
Monday, April 26, 2010
Tuesday, April 13, 2010
David M. Walker Comeback America
David M Walker, author of Comeback America: Turning the Country Around and Restoring Fiscal Responsibility he is also the president and CEO of the Peter G. Peterson Foundation, a great organization.
The Debt and the Deficit with Paul Krugman, David Walker of Peterson Foundation, Alan Auerbach of Univ. of Cal-Berkeley, Rep. John Spratt and Mohamed El-Erian of PIMCO
Watch very informative Interview with
Charlie Rose
Letter From Camden Fine, President Independent Community Bankers of America to Secretary Geithner
Dear Secretary Geithner:
On behalf of the 5,000 members of the Independent Community Bankers of America, we greatly appreciate and support the Administration’s proposal to establish a Small
Business Lending Fund that would provide capital to interested community banks.Under the program, banks with less than $1 billion in assets could receive capital investments up to 5 percent of their risk-weighted assets, and those with between $1
and $10 billion in assets could receive up to 3 percent. $30 billion in repaid Troubled Asset Relief Program funds would be transferred to the new program.
February 17, 2010 Letter. Apparently as of yesterday in my conversation with the Independent Community Bankers of America, this proposal is still held up Congress.
On behalf of the 5,000 members of the Independent Community Bankers of America, we greatly appreciate and support the Administration’s proposal to establish a Small
Business Lending Fund that would provide capital to interested community banks.Under the program, banks with less than $1 billion in assets could receive capital investments up to 5 percent of their risk-weighted assets, and those with between $1
and $10 billion in assets could receive up to 3 percent. $30 billion in repaid Troubled Asset Relief Program funds would be transferred to the new program.
February 17, 2010 Letter. Apparently as of yesterday in my conversation with the Independent Community Bankers of America, this proposal is still held up Congress.
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