Support for Small Businesses: Banks to Aid Local Business Development
New rules encourage banks to support local business development, especially for those run by low- and moderate-income individuals. Banks can earn special credit for referring entrepreneurs to organizations that offer business development resources like credit improvement programs or business counseling. This aims to make it easier for people to access the tools needed to start or grow a small business, potentially leading to job creation and economic growth in communities.
Key points
Banks will receive incentives for referring low- and moderate-income borrowers to community business development organizations.
These organizations provide resources such as credit improvement, business counseling, and financial literacy programs.
The goal is to improve access to business development resources for small businesses, fostering local economic growth and job creation.
Status:
Expired
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