Microlending Here We Come!

FDIC plans to introduce a two-year pilot program for very small loans up to $1,000.  FDIC is seeking applications and will select 20 to 40 financial institutions to begin this pilot program.  Of course, these loans will qualify for favorable CRA treatment, and FDIC says they may help banks tap new markets.  The idea is to identify best practices for affordable small-dollar lending.

Link:  http://www.fdic.gov/smalldollarloans/