Up to $1 Billion from TARP to Go to CDFIs

Earlier today Treasury officials announced a new initiative that will use up to $1 billion from the Troubled Asset Relief Program to provide lower-cost capital to banks, credit unions, and thrifts that have been certified as Community Development Financial Institutions. The intention, officials say, is to boost the small business lending ability of CDFIs serving low- and moderate-income communities around the country that are struggling because of the recession.

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