Wells Fargo Diverse Community Capital Program

Overview

The Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program originally focused on distributing $75 million in capital over three years (2016 – 2018) to Community Development Financial Institutions (CDFIs) that serve diverse small businesses. While the original $75 million commitment was met in 2018, Wells Fargo committed an additional $100 million in grant capital, to continue and expand the program through 2020.

DCC funds are intended to be utilized by CDFIs to lend to diverse small business owners, support initiatives that increase access to capital and resources (such as technical assistance, marketing, outreach), and help more diverse small business owners get the coaching and education resources they may need. The program also has a social capital component, focused on activities to build effective support networks and social infrastructure among CDFIs for the purpose of increasing lending to diverse small businesses.

Featured Program Impact

Andy Hong, Optima Beauty owner and Accompany Capital client

Andy Hong, Owner of
Optima Beauty

Optima Beauty is a beauty supply retailer that has been operating in Jackson Heights, NY, since 1993. Owner Andy Hong knew he would need financing to strengthen and prepare his business for cyclical downturns and establish a business credit profile. Mainstream lenders approached him, but he turned to Accompany Capital instead.

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Awardees

  • Access Plus Capital
  • Access to Capital for Entrepreneurs, Inc. (ACE)
  • Accion serving Illinois and Indiana
  • Accion serving Southern California
  • Accion serving the East Coast
  • African Development Center
  • AmPac Tri-State CDC
  • Ascent Funding
  • Beaufort County Black Chamber of Commerce
  • Black Business Investment Fund Florida
  • Bridgeway Capital, Inc.
  • Business Center for New Americans
  • Business Outreach Center Capital Corporation (BOC Capital)
  • California Capital Small Business Development Corporation
  • California FarmLink
  • Carolina Small Business Development Fund
  • CDC Small Business Finance
  • CEN-TEX Certified Development Corporation d/b/a BCL
    of Texas
  • Chicago Neighborhood Initiatives Micro Finance Group
  • City First Enterprises
  • Coastal Enterprises, Inc. (CEI)
  • Colorado Enterprise Fund
  • Community First Fund
  • Community Investment Corporation
  • Community Reinvestment Fund, USAN
  • Community Vision Capital
  • CommunityWorks Carolina
  • Cooperative Business Assistance Corporation
  • Cooperative Development Fund of CDS for Shared
    Capital Cooperative
  • Cooperative Fund of New England
  • Craft3
  • DreamSpring (fka Accion serving Arizona, Colorado, Nevada, New Mexico and Texas)
  • ECDC Enterprise Development Group
  • Economic & Community Development Institute (EDCI)
  • Entrepreneur Fund
  • Excelsior Growth Fund
  • Finanta
  • First American Capital Corporation
  • Forward Community Investments, Inc.
  • Four Bands Community Fund
  • Grameen America, Inc.
  • Hartford Community Loan Fund, Inc.
  • Houston Business Development
  • HOPE Enterprise Corp.
  • Initiative Foundation
  • Justine PETERSEN
  • Latino Economic Development Center
  • LiftFund
  • Local Enterprise Assistance Fund (LEAF)
  • Local Initiatives Support Corporation (LISC)
  • Main Street Launch
  • Maryland Capital Enterprises, Inc.
  • Metropolitan Economic Development Association
  • Micro Enterprise Services of Oregon (MESO)
  • Mission Economic Development Agency
  • MoFi
  • Mountain BizWorks
  • Native 360
  • Natural Capital Investment Fund, Inc.
  • Nebraska Enterprise Fund
  • New Jersey Community Capital
  • Northern Initiatives
  • Northwest Minnesota Foundation
  • Northwest Native Development Fund
  • Opportunity Fund
  • Pacific Coast Regional Corporation Small
    Business Development
  • Pacific Community Ventures
  • PathStone Enterprise Center
  • Pathway Lending
  • PeopleFund
  • PIDC Community Capital
  • Prestamos CDFI, a subsidiary of Chicanos Por La Causa
  • Propel Nonprofits
  • Rainier Valley Community Development Fund
  • Raza Development Fund
  • Rural Investment Corporation
  • Self-Help Ventures Fund
  • South Carolina Community Loan Fund
  • Southern Bancorp Community Partners
  • Southwest Georgia United Empowerment Zone
  • Tampa Bay Black Business Investment Corporation
  • The Enterprise Center Capital Corporation
  • True Access Capital (fka First State Community Loan Fund)
  • Union County Economic Development Corporation (UCEDC)
  • Valley Economic Development Center, Inc. (VEDC)
  • Valley Small Business Development Corporation
  • Ventures
  • Washington Area Community Investment Fund
  • West Philadelphia Financial Services Institution
  • Wisconsin Women’s Business Initiative Corporation (WWBIC)
  • Women’s Opportunities Resource Center
  • Women’s Economic Ventures
  • WomenVenture
  • Working Solutions

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