CDFI

Within Our Reach - Equitable Local Economies Through Action and Investment

Article

by Sydney England, of LOCUS Impact Investing 

The intersection of a global pandemic and reinvigorated demands for racial equity and social justice has created a gut-check moment for communities across the country, one that calls for a “new model” of place-based philanthropy. Now is the time to re-imagine a community and economy that work for all and re-invest to make them happen.

Comerica Bank Invests $1.1 Million in Clearinghouse CDFI

Press Release

July 28, 2020 /3BL Media/ - Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced a $1.1 million equity investment from Comerica Bank, a financial services company headquartered in Dallas, Texas. The investment will be leveraged ten times for direct lending in low-income and distressed communities. Comerica Bank, the largest bank in Texas, also has retail operations in California, Arizona, Florida, and Michigan. This is Comerica Bank’s second equity investment in Clearinghouse CDFI. 

Wells Fargo Awards $13.5M Grant to the Expanding Black Business Credit Initiative

The grant will support the launch of the Black Vision Fund to capitalize seven CDFIs and will provide $3M in immediate economic relief funding
Press Release

WASHINGTON, July 13, 2020 /3BL Media/ – Wells Fargo awarded a $13.5M grant to the Expanding Black Business Credit (EBBC) initiative, a consortium that addresses the critical lending and wealth gaps faced by Black entrepreneurs and families in the U.S. The transformative donation will provide $10M in seed funding for a $78M Black Vision Fund.

Showing Respect for Where They Come From

Coastal Enterprises, Inc., exemplifies how support from Wells Fargo’s Diverse Community Capital program can bring economic opportunity to underserved populations.
Article

The American dream — rooted in struggle and resulting in achievements that benefit entire communities — continues to play out for immigrants such as Adrian Espinoza Garcia and Mariama Jallow. Garcia, originally from Bolivia, and Jallow, who was born in The Gambia, are recent business owners in Portland, Maine.

Innovation in Community Impact Investing

Article

by Andy Posner, founder, Capital Good Fund 

According to US SIF: The Forum for Sustainable and Responsible Investing, Socially Responsible Investing (“SRI”) has reached the $12 trillion asset mark. Unfortunately, the vast majority — 97 percent, to be precise — comprises investments in the traditional capital markets in which decisions are made using Environmental, Social, or Governance (“ESG”) criteria. While I applaud people adding ESG screens to their portfolio, it is imperative that we find ways to support direct, community-level investments.

A Source for Affordable Capital to Aid Small Business Growth

California Capital and other Community Development Financial Institutions in low-income communities across the U.S. serve as an economic lifeline for local residents and small businesses in need of financing.
Article

When Jameka Smith saw an opportunity in 2017 to shift her career from veterinary pharmaceutical sales to owning her own animal hospital, she knew she would need access to affordable capital to buy the business. Traditional financing, however, was something that proved harder to obtain than she had anticipated.

Wells Fargo Donates Additional $7.9 Million for Small Business Growth

Diverse Community Capital program already supports 16,000 business loans, helped create more than 103,000 jobs across country
Press Release

SAN FRANCISCO, July 26, 2019 /3BL Media/ - Wells Fargo announced another new boost to diverse small businesses today with $7.9 million in grants from its Diverse Community Capital program, which offers

Vegan Soul Food: Improving Health “One Chew at a Time”

Chef GW Chew’s plant-based meat substitutes are going from restaurant to supermarket with support from a Wells Fargo diverse small business program.
Article

March 7, 2019

Jennifer Donaldson
Wayne Thompson

If it looks like steak and tastes like steak, it must be steak, right?

Nope.

To Chef GW Chew, it’s something even better: a vegan Philly cheesesteak. His “Philly Cheeze Steak” sandwich — “cheeze” instead of “cheese” since it’s not made from milk — is one of several plant-based food offerings at The Veg Hub, a restaurant he founded in Oakland, California.

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