Wells Fargo & Company has announced $11.2 million in loans and grants to help twelve community development financial institutions better serve small businesses in their respective communities.
Financing awarded through the second round of the $75 million Diverse Community Capital program, a collaboration between Wells Fargo and Opportunity Finance Network, includes $8.17 million in capital that will be re-lended by the CDFIs to small business owners who may not qualify for traditional financing. In addition, grants totaling $3.075 million were awarded to help the selected CDFIs expand their outreach to a diverse range of small business owners, upgrade their technology, enhance their products, and expand their technical assistance and coaching services to borrowers.
Recipients include Accion's regional headquarters in Albuquerque, New Mexico; Four Bands Community Fund in Eagle Butte, South Dakota; the Self-Help Ventures Fund in Durham, North Carolina; and WomenVenture in Minneapolis, Minnesota.
"CDFIs play an important role in helping small business owners access resources that can be critical to success," said Mike Rizer, Wells Fargo’s head of community relations. "Wells Fargo recognizes the vital role that CDFIs play, and we are excited to continue the Diverse Community Capital program and to know that more small businesses will start and grow as a result."