“Special Purpose Credit Program” – A Special Purpose Credit Program is a type of lending program that is designed to meet the specific needs of a particular group or sector of borrowers. These programs typically provide loans to borrowers who may not qualify for traditional financing, such as individuals with low credit scores, small businesses, or agricultural producers.
SPCPs often offer favorable terms and conditions, such as lower interest rates, longer repayment periods, or reduced collateral requirements, to make credit more accessible to a targeted segment of borrowers. The goal of these programs is to promote economic development, create jobs, and support underserved communities, e.g. women-owned businesses, minority-owned businesses, or veterans.