CDFI

Wells Fargo's Open for Business Fund Boosts Access to Minority Lending

$84 million deployed so far has helped keep 50,000 small business jobs
Press Release

SAN FRANCISCO, January 21, 2021 /3BL Media/ - As many small businesses are still experiencing hardship from the COVID-19 pandemic, Wells Fargo is working to support its customers in another round of the Paycheck Protection Program (PPP) and continuing to provide additional small businesses support through its Open for Business Fund.

Native CDFI Awards Recognize Two CDFIs for Vision, Ingenuity in Responding to COVID-19-related Economic Crisis in Indian Country

Alaska’s Cook Inlet Lending Center and South Dakota’s Black Hills Community Loan Fund receive grants for work to support Native communities impacted by the pandemic
Press Release

WASHINGTON, November 10, 2020 /3BL Media/ — Last night, the Native CDFI Awards honored two Native community development financial institutions (CDFIs) — Cook Inlet Lending Center in Alaska and Black Hills Community Loan Fund in South Dakota — for their unique approaches to helping Native-owned small businesses survive the COVID-19 pandemic.

Oweesta Receives $5 Million Grant From Wells Fargo to Launch the Native American COVID-19 Disaster Recovery Fund

Will Bring Capital to Tribal Communities for Small, Housing
Press Release

LONGMONT, Colo., October 7, 2020 /3BL Media/ – Oweesta Corporation (Oweesta) announced a $5 million grant from the Wells Open Business Fund, which will enable the Native Community Development Financial Institution (CDFI) intermediary to launch the Native American COVID-19 Disaster Recovery Fund. This $15 million fund is designed to provide Native CDFIs the long-term, low-cost capital necessary that they need to mobilize COVID-19 economic response and recovery efforts in their tribal communities.

What Small Businesses Really Need to Make a Comeback

By Jenny Flores, Social Impact & Small Business Growth Executive, Wells Fargo
Blog

There’s a myth in the small business world: if you give an entrepreneur enough access to capital, they will succeed. The truth is, access to technical expertise around areas like budgeting, marketing, customer development, and supply chain management can be just as important as financing. In fact, it may be key to the comeback for so many small businesses right now.

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.

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