Thanks for your advocacy support of small community development banks that work in low-income communities.
Yesterday, February 3, 2010, the Treasury Department announced implementation plans for a special TARP that will bring much needed capital for small businesses in communities served by these Community Development Financial Institutions (CDFI). This was a program President Obama announced in October. Since then, we have been working to ensure that the program is expansive so that all CDFI banks can qualify and participate.
Finally, the Obama administration has recognized the critical role that CDFI banks play in recovery of local economies. The CDFI TARP doesn’t require legislation.
Earlier this week, President Obama announced a second program targeted toward small community banks. The Small Business Lending Program will transfer $30 billion from the Troubled Asset Relief Program to a new program that will support small business lending. This program requires legislation. |
Friends of Community Development Banks came into existence to advocate for the CDFI Bank TARP announced in October 2009. Now there also is a national movement to move money to community banks. Perhaps soon bank local will be global. We heard that Triodos bank in the Netherlands has gotten a huge influx of deposits from Dutch depositors moving their money out of the large banks there.
We urge you to bank your values and support community banks that support small businesses and community development. All CDFI banks must have accss to the CDFI Bank TARP program. |
Thank you for your support, Day Piercy and Alison Alpert Friends of Community Development Banks http://friendsofcdbanks.net | |