Wells Fargo Sparks Diverse Small Business Growth Across U.S. by Fulfilling $75 Million Lending and Grant Commitment
From the Wells Fargo Newsroom, December 6, 2018
SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) announced it has exceeded its initial $75 million commitment for the Wells Fargo Works for Small Business: Diverse Community Capital program by awarding $13 million in lending capital and grants to 19 Community Development Financial Institutions (CDFIs) in the latest round of the program. The CDFIs, which are nonprofit financial institutions, use the funds to deliver affordable financial products to diverse small business owners who do not typically have access to conventional financing.
Wells Fargo previously announced that the program will continue at least into 2020 through an additional $100 million commitment from the Wells Fargo Foundation, based on the program’s early success.
With the latest round of funding, the program aims to be even more inclusive of rural communities in addition to urban neighborhoods. Organizations serving rural counties in South Carolina, Maryland, Nebraska, Georgia and California will receive funding, as well as CDFIs serving urban centers such as Washington, D.C., Philadelphia, New York and Chicago.