Wells Fargo has announced it is seeking to invest up to $50 million in capital for African American Minority Depository Institutions, or MDIs, as part of its commitment to supporting economic growth in African American communities.
“An infusion of capital in these smaller, community-based banks is truly a meaningful investment, because the ultimate beneficiaries are minority members of low- to moderate-income communities, a demographic that Wells Fargo is committed to supporting,” said Gigi Dixon, Wells Fargo’s senior director of external relations for national constituents. “Their success is tied to the success of our broader communities.”
This investment complements the Wells Fargo Diverse Community Capital (DCC) program, a five-year, $175 million program working with community development financial institutions (CDFIs) to empower diverse small business owners with greater access to capital and technical assistance so they can grow and sustain local jobs. The DCC program is a collaboration with Opportunity Finance Network and CDFIs across the country.
Read the full article.