Wells Fargo Diverse Community Capital Program

Wells Fargo Diverse Community Capital Program

Status: Past initiative (2016-2020)

Funder: Wells Fargo

Program Name: Wells Fargo Works for Small Business: Diverse Community Capital (DCC)

Overview: Grant program distributing capital to CDFIs serving diverse small businesses. Original commitment of $75 million over three years (2016-2018) was met, then expanded with additional $100 million commitment through 2020.

Geographic Scope: National

Focus Areas:

Supporting diverse small business owners

Access to capital and resources

Technical assistance and business education

Building social capital and support networks among CDFIs

Social infrastructure for diverse small business lending

Total Funding:

Original commitment: $75 million (2016-2018)

Expanded commitment: $100 million (through 2020)

Total: $175 million

Intended Use of Funds:

CDFIs lending to diverse small business owners

Initiatives increasing access to capital and resources

Technical assistance and marketing/outreach support

Coaching and education resources for diverse small business owners

Building effective support networks and social infrastructure among CDFIs

Eligible Applicants:

CDFIs serving diverse small businesses

Featured Program Impact:
Andy Hong, owner of Optima Beauty (Jackson Heights, NY, operating since 1993), used Accompany Capital financing to strengthen his business and establish business credit profile.