BANKING

Citibank Unveils Loan Program for Poor Areas: The new program will help nonprofit financial institutions expand the amount of money available for affordable housing, business start-ups and other badly needed investments in distressed communities. New York-based Citibank, the second-largest bank in the country, developed the program with the Philadelphia-based National Assn. of Community Development Loan Funds, an umbrella group of nonprofit financial institutions that lend in poor communities. Citibank will lend $1 million to the program, followed by an additional $1 million once the NACDLF absorbs the first investment. The group will use the Citibank funds to leverage other loans from foundations, philanthropic organizations and banks. In turn, it can lend that money at below-market rates to community groups, which can leverage their loans into more money.