Wells Fargo announced another new boost to diverse small businesses today with $7.9 million in grants from its Diverse Community Capital program, which offers capital and technical assistance to minority-owned small businesses through Community Development Financial Institutions (CDFIs). To date, the program has generated more than 103,000 jobs across the U.S.
Launched in 2015, the Wells Fargo Works For Small Business®: Diverse Community Capital program is a collaboration with Opportunity Finance Network (OFN). According to OFN’s latest report, DCC awardees have already made more than 16,000 loans to diverse small business owners resulting in $785 million in lending across 37 states, Washington, D.C. and Puerto Rico. In addition, grant funding has provided for more than 322,000 hours of development services for over 49,000 diverse entrepreneurs. Wells Fargo is on track to invest more than $175 million in diverse small business growth through 2020.
“The DCC program plays a critically important role in helping to strengthen economic mobility for diverse entrepreneurs around the nation,” said Donna Fabiani, OFN’s Executive Vice President of Knowledge Sharing. “These businesses in turn create employment opportunities in their communities. We’re proud to continue our longstanding partnership with Wells Fargo to ensure capital and capacity building resources flow to the small businesses that need them most.”
Read the full press release, which includes a list of the newest DCC grantees.