It is always great news when new microloans are announced. This one -- actually to two groups -- is is Philadelphia, PA., and comes from Citibank.
The microlending program will use a peer-based banking arrangement in which small groups of individual entrepreneurs will work together to decide lending limits among themselves and monitor repayment of the loans, Haskin said.
One of the nonprofits, Finanta, is based in the eastern part of North Philadelphia and has a large clientele in the Hispanic community, said Donald L. Haskin, senior vice president at Citi Community Development.
The other non-profit, Entrepreneur Works, is based in Center City and has a large clientele in the African-American and African-Caribbean communities, he said.
These are both seriously under served communities, and this $125,000 grant will be well received.
Thank you, Citibank!
Is there a microloan option in your area?
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