This is the fourth in a six-part series spotlighting CDFIs in the Wells Fargo Works for Small Business®: Diverse Community Capital program network, funded with a $175 million commitment to help diverse small businesses grow.
OFN member Colorado Enterprise Fund will use the funds to help minority-owned businesses increase scale and impact.
In 2015, Wells Fargo launched the Diverse Community Capital (DCC) program in response to issues identified in a Gallup Survey commissioned to gain deeper insight into the attitudes, needs, and motivations of diverse small business owners. The national survey’s findings revealed that diverse small businesses were challenged to access the credit needed to launch or grow their business. This is just one of the findings that prompted our $75 million commitment to support CDFIs serving diverse small businesses. Since the program launched, more than 180 organizations have submitted an Interest Form describing the access to capital gaps in their target markets and their strategies to address those gaps.