The Wells Fargo Foundation announced that it is providing $17.4 million to community development financial institutions (CDFIs) across the U.S. to accelerate the growth of diverse small businesses and job creation in local communities. As part of the foundation’s Diverse Community Capital (DCC) program, Wells Fargo’s grants will fund new efforts to speed access to capital, launch mentoring programs, expand geographic reach, and help sustain more than 50,000 local jobs. Overall, the funding is expected to create an opportunity for more than 30,000 new loans to diverse entrepreneurs.
“Empowering small businesses is a direct and impactful way to stimulate job growth,” said Brandee McHale, president of the Wells Fargo Foundation. “Wells Fargo’s Diverse Community Capital program lifts up underserved small business owners with financing and important technical assistance. By working with CDFIs, we can reach into neighborhoods to find those entrepreneurs who want to build a legacy for their families and the wider community.”
Congratulations to the recipients of the latest DCC investment round:
- Access to Capital for Entrepreneurs
- Community First Fund
- Grameen America
- Houston Business Development
- Opportunity Fund
- Raza Development Fund
Started in 2015, the Wells Fargo Diverse Community Capital program is a five-year, $175 million commitment to empower diverse small businesses in collaboration with OFN. To date, the program has delivered more than 322,000 hours of technical assistance and $781 million in financing to minority-owned small businesses, enabling over 103,000 jobs across the U.S.
Read the full press release.
Learn more about OFN member awardees.