Wells Fargo is lending a helping hand to help minority business thrive.
The bank, which is the country’s third largest, will share $6.6 million dollars to provide tailored investment and debt strategies in both rural and urban communities, by financing affordable housing, community facilities, in addition to small and micro businesses assistance. To help new businesses achieve stabilization and growth, the Wells Fargo initiative will also help businesses increase access to capital and resources.
According to their website, the funding comes from the Wells Fargo Works for Small Business: Diverse Community Capital program, also known as DCC, which targets ventures owned by blacks, Asians, Hispanics, and Native Americans.
“The combination of debt, grant, and social capital makes the DCC program unique,” said Connie Smith, the bank’s Diverse Community Capital program manager, in a statement. “The social capital component allows CDFIs to collaborate, innovate, and better serve diverse small businesses—and when our small businesses succeed, so do the communities they serve.”
In an effort to level the entrepreneurship playing field, the program will assist entrepreneurs from diverse backgrounds, giving them access to valuable resources; new business trends, marketing tools, technical assistance, and mentor-ship.
For additional information and how to apply, click here.