JUNE 4, 2018 | SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) announced that 13 Community Development Financial Institutions (CDFIs) around the U.S. have been selected to receive $12.1 million in lending capital and grants under the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program. The recipients are private, nonprofit financial institutions that are dedicated to delivering responsible, affordable financial products to underserved populations and communities. Many of the small and micro businesses CDFIs serve may not be ready to access capital through conventional financing methods.
The Diverse Community Capital recipients are:
- BOC Capital Corp. - Brooklyn, N.Y.
- California Capital Financial Development Corporation – Sacramento, Calif.
- Cooperative Development Fund of CDS for Shared Capital Cooperative - St. Paul, Minn.
- Cooperative Fund of New England – serving New England
- Entrepreneur Fund – Duluth, Minn.
- First American Capital Corporation – West Allis, Wis.
- Hartford Community Loan Fund – Hartford, Conn.
- Local Initiatives Support Corporation – serving Los Angeles
- Mission Economic Development Agency (MEDA) – San Francisco
- Mountain BizWorks – Asheville, N.C.
- New Jersey Community Capital – New Brunswick, N.J.
- PeopleFund – Austin, Texas
- Rainier Valley Community Development Fund – Seattle, Wash.
Diverse Community Capital funds will be used by the awardees to increase lending to diverse small business owners; help more diverse small business owners get the coaching and education resources they may need to grow their business; and improve, create or add resources, materials, products, or programs to better serve their target market.