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In an effort to help small business owners in regions that were devestated by the recession, Former President Bill Clinton has launched a micro-lending plan that he hopes will bring much needed capital to these struggling businesses.
Called Kiva City, it was announced during the annual Clinton Global Initiative Summit. The effort will be headed by micro-lending nonprofit Kiva, as well as Visa, Inc. Kiva City will offer small business lending strategies to suffering American cities like Detroit, Milwaukee, and Pittsburgh. They will also give out loans of about $7,000, which will be used to pay rent, buy equipment, or cover other daily operations.