Citi Announces Partnership With National Banking Association To Buy PPP announced a partnership program Wednesday with the National Banking Association (NBA) to create a purchasing facility allowing it to buy loans from Minority-Owned Depository Institutions (MDIs).
According to a Citi press release, its purchasing facility will assume up to $50 million in Small Business Administration loans from MDIs.
The partnership will provide NBA member banks with capital by enabling them to sell loans originated under the PPP to Citi in the secondary market.
Citi actively partners with minority-owned banks to support their vital efforts to serve their diverse client base, and we applaud the work they did to ensure that the benefits of the PPP program reached minority-owned businesses,” Michael Corbat, CEO of Citi said in the release.
One of the African American-owned banks that will benefit from the program is Unity National Bank, which already has a partnership with Citi.