Statement from CDFI Fund Director Gambrell on White House Announcement Related to Lower Cost Capital for CDFIs
Washington, DC - Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell issued the following statement on the Small Business lending Initiative announced today.
"The initiatives announced today by President Obama will help depository institutions in our nationwide network of Community Development Financial Institutions to increase small business lending within low-income communities. I am encouraged that the plan includes community development banks, thrifts and credit unions and provides them with preferential terms to increase their lending to the hardest-hit rural and urban communities; and that Treasury will continue to actively explore ways in which CDFI loan funds might receive assistance in increasing liquidity to free up additional small business and economic development lending."
"These new initiatives, coupled with the Presidentís fiscal year 2010 budget request, and resources provided through the Recovery Act, set a new trajectory for CDFI lending that will fuel the economic growth of entrepreneurs and small businesses."
The White House press release and fact sheet on the President's Small Business Lending Initiative can be viewed here: