Today Wells Fargo & Company (NYSE: WFC) today announced that it is providing $11.2 million to help 12 Community Development Financial Institutions (CDFIs) better serve diverse-owned small businesses. The CDFIs were selected for round two of the six-round Wells Fargo Works for Small Business®: Diverse Community Capital (DCC) program. The three-year DCC program will provide a total of $75 million in lending and grant capital to CDFIs that support diverse-owned small businesses. These CDFIs are private, nonprofit financial institutions that assist underserved populations. Since the program launched in November of 2015, more than $38 million has been distributed to 30 CDFIs.
The round two DCC recipients are:
- Accion serving Arizona, Colorado, Nevada, New Mexico and Texas – Albuquerque, NM
- California FarmLink – Santa Cruz, CA
- Community First Fund – Lancaster, PA
- Four Bands Community Fund – Eagle Butte, SD
- Fresno CDFI – Fresno, CA
- Justine PETERSEN – St. Louis, MO
- Northwest Native Development Fund – Nespelem, WA
- PIDC Regional Development Corporation – Philadelphia, PA
- Self-Help Ventures Fund – Durham, NC
- Tampa Bay Black Business Investment Fund – Tampa, FL
- VEDC – Van Nuys, CA
- WomenVenture – Minneapolis, MN
Read the full press release here.