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Citigroup Buying PPP Loans from Minority-owned Banks

Citigroup Buying PPP Loans from Minority-owned Banks

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FintechNews RoundupUSA
··1 min read

Citigroup is committing $50 million to buy PPP loans from minority-owned depository institutional; the loan purchase program is in partnership with the National Bankers Association which is a trade group comprised of 22 minority banks; the originating banks will service the loans and also retain the fee income from the SBA; the smaller banks will benefit by moving the loans off of their balance sheet which will help them continue to help local the local economy; Citigroup has originated $3.3 billion in PPP loans and is donating their fee income to the Citi Foundation; to date minority depository institutions have made 95,000 PPP loans totaling $9.7 billion. American Banker

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    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

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