A Kinder, Gentler Lender
Just when we'd had our fill of bank failures, Community Capital Bank opened as the first community development bank in New York City. Capitalized at $6 million and chartered to provide capital for small businesses and for affordable-housing developers, the bank will make loans at market rates to companies in low-to-moderate-income neighborhoods. Chairman Lyndon Comstock says tight credit, a neglected market, and little competition make the timing for the start-up ideal.
-- Anne Murphy* * *