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Wells Fargo Fulfills $75 Million Small Business Lending and Grant Commitment

December 19, 2018 2:34 PM | Christina Marconi

Wells Fargo is a member of Philanthropy Delaware.

Wells Fargo & Company announced it has exceeded its initial $75 million commitment for the l 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, including the First State Community Loan Fund.

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.

Read more here.

 

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