Citi Agrees to Purchase Up to $30 Million in New Loans from ACCION Texas

19.08.08 - 21:25 ... source : Citigroup

... Partnership a First for the U.S. Microfinance Industry San Antonio, TX – Citi announced today it has entered into a five year contract with ACCION Texas to purchase up to $30 million in micro enterprise loans. The innovative transaction marks a first for the U.S. microfinance industry that both institutions believe will change the perception of microfinance in the U.S. and at the same time give ACCION Texas the capital it needs to expand. ACCION Texas will become Citi's national service provider, handling underwriting, servicing and collections. In addition, both Citi and ACCION Texas will share the risks and the revenue from the loan portfolio. "Citi and ACCION Texas are charting new territory with this unique business partnership," said Robert Annibale, Citi's Global Director of Microfinance. "This will lead to wider and more innovative access to finance for U.S. microfinance institutions. ACC ...» Next (HTML)