Citi has provided a $77 million loan to Advantage Capital Partners. The financing, in conjunction with federal and state New Markets Tax Credit programs, will target seven states, including Florida, Louisiana, and Nebraska and focuses on providing small and start-up businesses with capital when other channels may be unavailable. All the loans made by the fund will be in distressed areas.
“We feel it is vital to help communities that have historically lacked access to investment capital and are thrilled to support the growth of Advantage Capital Partners as they provide critical financing to a wide range of small businesses,” said John Heppolette, Co-Head of Citi Community Capital.
"We are extremely pleased to have the support of Citi Community Capital,” said Michael Johnson, Managing Director of Advantage Capital Partners. “Our small business lending program has been a key component of our New Markets investment strategy since 2005. With the support of Citi and our other investors, we expect the impact of this initiative to grow both in terms of number of small businesses we can help and the communities we can reach.”
Citi Community Capital (CCC) is a premier financial partner with nationally recognized expertise in financing all types of affordable housing and community reinvestment projects. CCC's origination, structuring, asset and risk management staff across the country provides creative financing solutions designed to meet their clients' needs. CCC helps community development financial institutions, real estate developers, national intermediaries and nonprofit organizations achieve their goals through a broad, integrated platform of debt and equity offerings. Additional information may be found at www.citicommunitycapital.com.Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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