Citigroup buying up to $30M in small loans
Tuesday August 19, 5:29 pm ET
Citigroup buying up to $30 million in small enterprise loans in deal with Accion Texas
SAN ANTONIO (AP) — Citigroup Inc. will buy as much $30 million in small enterprise loans under a five-year contract with Accion Texas, a development organization that makes loans to startup and existing businesses in Texas.
Citigroup said Tuesday it was the first transaction of this type in the so-called microfinance industry, which provides small loans to people struggling to start their own businesses and has grown in developing countries around the world.
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