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Geithner backs CUs CDCI program as aid to small businesses
WASHINGTON (6/24/10)--U.S. Treasury Secretary Timothy Geithner this week promoted credit unions and other community development financial institutions as one of many ways that the Treasury is helping improve the availability of credit to small businesses. A total of 111 community development credit unions (CDCUs) have applied for the Treasury’s Community Development Capital Initiative (CDCI), which makes secondary capital investments of up to 3.5% of assets in eligible low-income credit unions. The applicants are being reviewed for financial soundness by the National Credit Union Administration, and could receive a portion of $100 million in total funding. The Treasury has received some of those applications and “expects to begin funding by next month," Geithner said. The National Federation of Community Development Credit Unions' board also pledged to make an additional $1 million in secondary capital available as matching funds for member CDCUs that might not be immediately eligible for CDCI investments. Commenting on Geithner’s remarks, federation President Cliff Rosenthal said that the inclusion of CDCUs in the CDCI program “is a recognition of the vital work credit unions and other community-based lenders are having on Main Streets nationwide,” and a major victory for the credit union movement.
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