by Jordan Eizenga
The federal government has not yet implemented a program, authorized in legislation passed in September 2010, which, once up and running, will help so-called Community Development Financial Institutions invest in small businesses and communities hardest hit by the financial crisis. The 2010 CDFI Bond Guarantee Program will expand access to low-cost capital for Community Development Financial Institutions, or CDFIs. These are U.S. Treasury-certified entities that offer basic financial services to communities traditionally overlooked by banks. CDFIs provide low-interest loans, basic banking services, and other affordable financial products to low-income households and businesses. The more than 800 CDFIs range from small loan funds with less than $1 million to lend to large banks and credit unions with billions of dollars in assets. For more of this article, see here.
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