JACKSON — On Feb. 4, Treasury Secretary Tim Geithner outlined the details of a new program under the Troubled Assets Relief Program (TARP) that will provide community development financial institutions (CDFIs) with up to $1 billion to make more loans to small businesses in some of the communities hit hardest by the economic crisis.
ECD/HOPE (Enterprise Corporation of the Delta/Hope Community Credit Union) said it plans to take advantage of the offering.
“ECD/HOPE has been providing financing for small businesses and other community needs for more than 15 years. During that time, we’ve demonstrated an ability to lend responsibly in areas that lack access to affordable financial services,” said Bill Bynum, ECD/HOPE CEO. “This experience enabled us to work closely with Treasury officials to develop this program. We look forward to using these resources to stabilize businesses and stimulate economic growth in the Mid South.”
“This program that you’re seeing us lay out today is a very powerful way to try to make sure that we’re starting to open up some of the credit channels for businesses in parts of the country where it’s most needed and where we think there’s going to be a very, very high return,” Treasury Secretary Timothy F. Geithner said during the Feb. 4 announcement.