Wells Fargo & Company, a diversified community-based financial services company, is lending capital and giving grants to fifteen (15) Community Development Financial Institutions (CDFIs) in the first phase of the Well Fargo’s Diverse Community Capital (DCC) program.
The DCC program is a part of Wells Fargo’s four point plan to address issues faced by small business owners to start or grow businesses. The program is a collaboration between Wells Fargo and Opportunity Finance Network, a national network of CDFIs.
The DCC program, which was launched in November, aims at providing a total of $75 million in grants and loans to support divers-owned small businesses. In November 2015, $4.45 million was given to three CDFIs.
According to Well Fargo’s Head of Community Relations, Mike Rizer, said the Diverse Community Capital program is one of the ways through which Wells Fargo shows its commitment to helping small businesses start, stabilize, and grow. He also expressed Well Fargo’s excitement in CDFIs’ interest in the program.