APTOS—Wells Fargo has announced a boost to diverse small businesses with $1.7 million in grants from its Diverse Community Capital program, which offers capital and technical assistance to minority-owned small businesses through Community Development Financial Institutions (CDFIs).
“Diverse small businesses face unique challenges to start and grow their businesses,” said Erica Trejo, community relations senior manager for Wells Fargo. “By working with CDFIs, we can ensure small businesses in the Bay Area have the capital and resources to help them succeed, create jobs and financially empower their families. Every community needs small businesses to create jobs and financial stability.”
One business is Aptos-based California FarmLink, which aims to increase services for farmers of color through loan capital, one-on-one technical assistance and exploration of new business models over the next three years, including a wealth-building program for farmers and ranchers.
“Since 2011, FarmLink has made $20 million in loans with a focus on generating equitable access to opportunity by financing farm and ranch business operations, infrastructure, and land purchases,” said FarmLink Executive Director Reggie Knox.
As part of its new philanthropic strategy announced in June, Wells Fargo is focusing on three societal challenges: housing affordability, small business growth and financial health.
Wells Fargo’s Diverse Community Capital (DCC) program is a critical component of the small business strategy and supports business owners who are African-American, Hispanic, American Indian/Pacific Islander, Asian-American, women, veterans, LGBTQ, people with disabilities and other underrepresented groups.