[CircleUp] CDFI Fund News: Statement from Director Gambrell on White House Announcement Related to Lower Cost Capital for CDFIs

[Info]

<http://www.cdfifund.gov/news_events/CDFI-2009-58-Lower-Cost-Capital-for-CDF
Is.asp> Small Business Lending Initiative 
October 21, 2009 
[CDFI-2009-58] 

"Small Businesses have always formed the backbone of the American economy.
These entrepreneurial pioneers embody the spirit of possibility, the
tireless work ethic, and the simple hope for something better that lies at
the heart of the American ideal.  The problem is, our small businesses have
been some of the hardest hit by this recession.  There's no question that
the steps we've taken have improved the overall climate for small businesses
across the country, but there is more we need to do. And that's why today,
we're announcing new steps to support more lending to America's small
businesses-steps that will lead to more jobs, more growth, and a stronger
economic recovery."                   President Barack Obama 


Statement from CDFI Fund Director Gambrell on 
White House Announcement Related to Lower Cost Capital for CDFIs 

October 21, 2009 

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 President's 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: 

Press release: 
 
<http://www.whitehouse.gov/the_press_office/President-Obama-Announces-New-Sm
all-Business-Lending-Initiatives/>
http://www.whitehouse.gov/the_press_office/President-Obama-Announces-New-Sma
ll-Business-Lending-Initiatives/ 

Fact sheet: 
 <http://www.whitehouse.gov/assets/documents/small_business_final.pdf>
http://www.whitehouse.gov/assets/documents/small_business_final.pdf   

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