Written by The Business Journal Staff
The Fresno Community Development Financial Institution (Fresno CDFI) was awarded $1 million in lending and grant capital at a check presentation this afternoon.
The award is part of Wells Fargo Works for Small Business Diverse Community Capital (DCC) program.
DCC is a three-year, $75 million program that distributes funds to private financial institutions that serve diverse small businesses. The program seeks to address the challenges that diverse small business owners face when starting or growing their business.
Fresno CDFI was awarded a $750,000 equity equivalent investment, which will infuse capital into its loan fund for small businesses, and received an additional $250,000 in grant capital to support activities that will increase outreach to diverse-owned or led businesses in the Central Valley and its surrounding communities.