Wednesday, Oct 5 2011 6:59PM
The CDFIs then use the funds to support projects such as child care centers, micro-loans to small businesses and water hook-ups in low-income communities.
California Governor Jerry Brown signed a bill to extend the California Organized Investment Network's (COIN) Tax Credit Program, continuing the partnership between public and private organizations and insurance companies in supporting
community development programs.
The COIN program provides no-interest loans to Community Development Financial Institutions (CDFI) and a 20 percent state tax credit to investors for their participation. The CDFIs then use the funds to support projects such as child care centers, micro-loans to small businesses and water hook-ups in low-income communities.
"While California continues to pull itself out of the recession, programs like COIN are vital to facilitating that momentum by providing new capital for small businesses throughout the state spurring growth in our neighborhoods, and most importantly creating more badly needed jobs for Californians," said Assembly Speaker John A. Perez.
State Insurance Commissioner Dave Jones noted the program may be particularly important for struggling communities. He stated the investments represent a solution that allows good financial returns while assisting low-income communities that require capital.
For further reference, check out this source:
Insurance News Net