FOR IMMEDIATE RELEASE: Thursday, December 6, 2018
Brendon Miller, (202) 529-5505 ext. 224
Wacif Awarded $300,000 Grant to Serve Diverse Small Businesses
Competitive Diverse Community Capital award deepens supports Wacif’s continued growth in lending and small business services
Washington, D.C. (December 6, 2018) – The Washington Area Community Investment Fund, Inc. (Wacif) today announced $300,000 in competitive funding from Wells Fargo’s Diverse Community Capital program to serve diverse small businesses in the Washington, DC region. Wacif is one of 19 Community Development Financial Institutions (CDFIs) nationwide to receive Diverse Community Capital funding.
“Wacif is excited to deepen our partnership with Wells Fargo through the Diverse Community Capital program,” said Wacif Executive Director Harold Pettigrew. “This investment furthers our longstanding commitment to asset building, inclusive entrepreneurship, and equitable economic development; goals that are directly supported by continued growth in our lending and small business advisory services.”
The Diverse Community Capital program is a collaboration between Wells Fargo and the Opportunity Finance Network (OFN). According to OFN, Diverse Community Capital awardees have closed over $391 million through more than 8,000 loans to diverse small business clients, creating more than 15,000 jobs through capital access and development services. Based on the program’s early success, the Wells Fargo Foundation committed an additional $100 million to fund the program through at least 2020.
To grow its impact on asset building, inclusive entrepreneurship, and equitable economic development, this year Wacif has increased its loan volume by more than 30%, doubled the number of clients served with small business advisory services, and been awarded competitive grants including the US Department of the Treasury CDFI Fund Financial Assistance award. Wells Fargo has long supported Wacif’s mission and equitable development in the Washington region. Recently, through the Where We Live initiative, Wells committed to $1.6 billion dollars of regional investment and a tripling of its local philanthropy, including support for Wacif’s investments in underserved entrepreneurs in Washington, DC’s Wards 7 and 8.
The Washington Area Community Investment Fund, Inc. (Wacif) is one of the Washington, D.C. metropolitan area’s leading Community Development Financial Institutions (CDFI) focused on small business development. Wacif’s mission is to increase equity and economic opportunity in underserved communities in the Washington DC area by investing knowledge, social, and financial capital in low-and moderate-income entrepreneurs. In the last seven years, Wacif has closed more than $9.2 million in loans and assisted over 2,000 entrepreneurs with coaching and technical assistance, sustaining more than 300 local jobs. Learn more at http://wacif.org.
About Wells Fargo:
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,950 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.