ABA launched a new webpage providing information on special purpose credit programs and highlighting the role they can play in meeting the credit needs of economically disadvantaged small businesses. In support of the OCC’s Project REACh, the association is making the online resource available for banks and other stakeholders to increase awareness of the programs and share technical insights to support SPCPs specifically designed for small businesses.
The webpage outlines how SPCPs work and features a checklist for banks to follow when developing a plan to offer these programs. It also showcases a case study of a bank that successfully launched an SPCP.
“Special purpose credit programs are an important and often overlooked tool for financial institutions to expand access to credit for underserved communities,” said ABA President and CEO Rob Nichols. “We hope that calling attention to these critically important programs and providing banks with relevant information will encourage more institutions to consider launching an SPCP.” Visit the SPCP webpage. Learn more about Project REACh.