Fresno CDFI receives $1 million to support diverse-owned small businesses in the Central Valley and surrounding communities

Posted on Nov 04, 2016

Fresno Community Development Financial Institution – or Fresno CDFI – was presented with $1 million in lending and grant capital from Wells Fargo Works for Small Business®: Diverse Community Capital (DCC) program during today’s Women’s Empowerment Summit 2016.  DCC is a three-year, $75 million program that distributes funds to CDFIs – private, nonprofit financial institutions – which serve diverse small businesses.  The program seeks to address the challenges that diverse small business owners face when starting or growing their business.

Fresno CDFI received a $750,000 equity equivalent (EQ2) investment to infuse capital into its loan fund for small businesses, and $250,000 in grant capital to support activities that will increase outreach to diverse-owned or –led businesses.

“These funds will help small businesses in the 14 counties served by Fresno CDFI. The support from the Diverse Community Capital Program is crucial for our plan to implement an overall expansion of current lending and training activities to diverse small businesses,” said Salam Nalia, CEO, Fresno CDFI. “Our culturally diverse and multilingual staff is focused on empowering historically underserved neighborhoods and individuals, especially minorities, which make up more than two-thirds of our customer base,”

 “The Diverse Community Capital program gives a much needed boost to organizations like Fresno CDFI that provide essential services to small businesses that may not qualify for traditional financial assistance,” said Sandy Raco, Central Valley president for Wells Fargo. “We are thrilled to be able to support and expand economic opportunities for diverse-owned small business owners in our community through this program. If their business thrives, the entire community thrives.”

As part of the Diverse Community Capital program, Wells Fargo will work with existing and new CDFI customers in diverse communities across the country to deploy $50 million in lending capital and $25 million in grant capital and measure its impact. In addition to lending and grant capital, the program will also deliver activities to help CDFIs build their social capital such as mentorship programs, knowledge networks, consulting and other collaborative efforts to further increase the capacity of CDFIs to lend to small businesses.

The Diverse Community Capital program launched in November 2015; to date, more than $26 million have been distributed to 18 CDFIs nationwide. 

About Fresno CDFI
Fresno EOC created Fresno Community Development Financial Institution (CDFI) for providing lending services to low and moderate income communities. Fresno CDFI provides financing, training, and asset development services for low- and moderate-income entrepreneurs.  Since its inception in 2009, the professional, seasoned, and multi-lingual staff – experienced in micro-finance, credit counseling, business plan development, and advocacy for low-income families – has helped hundreds of entrepreneurs realize their dreams. Fresno CDFI serves a 12-county region in Central California including San Joaquin, Stanislaus, Merced, Mariposa, Madera, Fresno, San Benito, Monterey, Kings, Tulare, and Kern.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.