Citigroup Buying PPP Loans from Minority-owned Banks

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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