CommunityWorks receives nearly $1 million from Wells Fargo to support diverse small businesses
June 18, 2016
CommunityWorks one of 15 organizations nationwide to receive loan, grant funds as part of Wells Fargo’s $22.3 Million Diverse Capital program
GREENVILLE, SC – CommunityWorks is excited to announce that it has received a $400,000 grant and $500,000 low-interest loan from Wells Fargo & Company (NYSE: WFC). CommunityWorks is one of just 15 Community Development Financial Institutions (CDFIs) nationwide selected to receive funding from the Wells Fargo Works for Small Business: Diverse Community Capital program.
“The Diverse Community Capital program is one of many ways Wells Fargo demonstrates its commitment to helping small businesses start, stabilize, and grow, and we are thrilled CommunityWorks is among the 15 CDFIs selected,” said Wells Fargo South Carolina Region President Kathy Heffley. “CDFIs are vital to the success of many small businesses, and the additional capital, technical assistance and other support they provide to diverse-owned small businesses will help make our communities even stronger.”
The six-round Diverse Community Capital (DCC) program will provide a total of $75 million in lending and grant capital over three years to CDFIs that support diverse-owned small businesses. CDFIs are private, nonprofit financial institutions that assist underserved populations.
The grant and loan to CommunityWorks will expand the organization’s efforts in assisting diverse-owned small business ventures and startups in South Carolina through loans, funding and support services. Established in 2008 as a partnership between the City of Greenville, the United Way of Greenville County and the Greenville County Redevelopment Authority, CommunityWorks lent more than $700,000 to nearly 40 local entrepreneurs in 2015.
“We are honored to be selected to receive this funding from Wells Fargo,” said Deborah McKetty, CEO of CommunityWorks. “We are committed to creating a vibrant economy not just here in the Upstate, but throughout South Carolina, and this funding will increase our capacity to serve minority-owned small business ventures and startups.”
“Wells Fargo is pleased to support CommunityWorks through our Diverse Community Capital program,” said Wells Fargo Upstate Market President Brian Rogers. “As America’s Community Bank, supporting an organization that is dedicated to growing our economy and making a positive difference directly aligns with our company’s vision and values.”
The DCC program launched in November 2015 by providing $4.45 million in loan and grant funds to three CDFIs and encouraging others to submit interest forms for the program’s first official round. More than 100 CDFIs responded, and Wells Fargo will distribute a total of $5.67 million in grants and $16.67 million in lending capital to the 15 CDFIs selected. The program is a component of Wells Fargo’s four-point plan, which seeks to address challenges that diverse small business owners face when starting or growing businesses. The program is a collaboration between Wells Fargo and Opportunity Finance Network, a national network of CDFIs.
ABOUT COMMUNITYWORKS
CommunityWorks was established in 2008 as a partnership between the City of Greenville, the United Way of Greenville County and Greenville County Redevelopment Authority. This group worked together to support affordable housing and community development as a critical vehicle for fostering stable families and healthy communities. Since that time, CommunityWorks has transformed into a non-profit financial organization and certified Community Development Financial Institution (CDFI) that is committed to empowering people to become financially stable through financial education, lending and investing.
ABOUT WELLS FARGO
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMs, the internet and mobile banking, and has offices in 36 countries 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. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo donated $281.3 million to 16,300 nonprofits in 2015 and team members volunteered 1.8 million hours serving their communities. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
Wells Fargo serves approximately 3 million small business owners across the United States and loans more money to America’s small businesses than any other bank (2002-2014 CRA government data). To help more small businesses achieve financial success, in 2014 Wells Fargo introduced Wells Fargo Works for Small Business® – a broad initiative to deliver resources, guidance and services for business owners – and a goal to extend $100 billion in new lending to small businesses by 2018.
