The Fresno Community Development Financial Institution will receive $1 million in lending and grant money from Wells Fargo during a check presentation Friday to help diverse small businesses grow.
The Fresno CDFI will receive a $750,000 equity equivalent investment, which will put money into its loan fund for small businesses. Another $250,000 in grant capital will support activities to increase outreach to diverse-owned or led businesses in the Central Valley and surrounding communities.
The grants come from the Wells Fargo Works for Small Business: Diverse Community Capital program. The three-year, $75 million program distributes money to private financial institutions that address the challenges diverse small business owners face.