Wells Fargo Invests $18.5 Million in Grants to Ease Small Business Stress and Expand Access to Capital
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The latest round of funding is part of the company’s ongoing
“Small businesses are essential to a vibrant community, no matter where you live,” said
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Accion, Inc. ($2.7 million): Based inAlbuquerque, N.M. and serving five states in the southwest and mountain west, Accion will utilize its three-year grant to automate, market and scale an innovative loan product,Presto Loan , that has the potential to reach significantly more diverse entrepreneurs acrossArizona ,Colorado ,Nevada ,New Mexico andTexas . The product will offer loans up to$12,000 , flexible underwriting criteria, affordable rates and a turnaround time of fewer than three days. -
Carolina Small Business Development Fund ($2.8 million): The fund will seek to build minority small business capacity inNorth Carolina through expanded relationships with historically black colleges and universities. The grant also will be used to introduce an online development resource for more than 300 entrepreneurs interested in starting or growing a business. -
Community Reinvestment Fund ($2.7 million): ThisMinneapolis -based nonprofit will expand access to capital for diverse small business owners by investing in two technology platforms — Connect2Capital® and SPARK. Connect2Capital will help reach and match entrepreneurs with the CDFI that best meets their needs and SPARK will help build the capacity of mission-driven lenders by providing a scalable, secure and streamlined loan origination process. Connect2Capital alone will aim to close more than 1,000 loans and distribute$50 million in capital over three years. -
Hope Enterprise Corporation (HOPE) ($2.8 million): This seasoned CDFI focuses on building assets and improving lives in the Deep South, specifically in persistent poverty counties inAlabama ,Arkansas ,Louisiana ,Mississippi andTennessee . With its grant, HOPE will provide technical assistance and credit-enhanced loans for more diverse small business owners. As a result of accessing needed capital, more high-quality jobs will likely be created and retained. - Main Street Launch (
$2 million): Based inOakland, Calif. , Main Street Launch will activate anAfrican American Entrepreneurship Institute , offering intensive training to prepare more businesses for success and building wealth. Topics will include business critical areas such as ecosystem building with community partners, supply chain effectiveness, operational readiness, financial education and succession planning. -
Metropolitan Economic Development Association ($1.5 million): The nonprofit CDFI will pilot and expand its bank enterprise system to create more access to loan capital for diverse small business owners across the Midwest. Over three years, the association plans to administer$50 million in loans and share best practices from its system with fellow CDFIs in the region and nationally. -
Self-Help Ventures Fund ($1.5 million): This nonprofit loan fund, based inDurham, N.C. , will design a new line of credit for diverse developers as a way to fuel real estate and construction growth inChicago and inNorth Carolina . The developer line of credit will allow minority entrepreneurs to more easily purchase a property and have capital to complete renovations. The grant will also support contractors, includingAfrican American , Latino, women and veterans, who want to grow their businesses. -
Local Initiatives Support Corporation ($1 million): The organization will focus on stimulating economic recovery in underserved communities inPuerto Rico that were deeply impacted by Hurricane Maria. AKiva microcredit matching loan fund will be created to support entrepreneurs and small businesses, and credit-enhanced loans will be available for larger projects. LISC will also develop its organizational capacity and networks for responding to future natural disasters—supporting small businesses as part of broad economic recovery efforts. -
PathStone Enterprise Center, Inc. ($1.5 million): Based inRochester, N.Y. , the Center will deploy its grant towards small business recovery efforts inPuerto Rico . With its long history of working with the Puerto Rican community regionally and through its office in Ponce,Puerto Rico , the Center plans to establish a revolving loan fund with more flexible terms to help stabilize small business owners and embed resiliency planning against future economic challenges.
“Over the past three years, OFN has been privileged to work with the talented individuals at the many CDFIs that have received Diverse Community Capital Program awards from Wells Fargo,” said
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