Native360 Loan Fund Inc., is one of 19 Community Development Financial Institutions (CDFIs) to receive lending capital and grants from the Wells Fargo Works for Small Business Diverse Capital program.
Recipients were announced Dec. 6, 2018. Funds are used to deliver affordable financial products and technical assistance to diverse small businesses that do not typically have access to conventional financing.
As part of its announcement, Wells Fargo said it wanted to be more inclusive of rural communities as well as their urban counterparts.
“Rural small businesses and their diverse owners have different challenges than their urban counterparts, and we want to be part of a solution that helps remove those obstacles to growth,” said Mike Rizer, director of community relations at Wells Fargo.
“The range of geographies served by these awardees demonstrates Wells Fargo’s commitment to supporting communities across the country, regardless of our retail presence’ he added. “Small business owners who would not otherwise have access to the resources needed to start or grow their businesses will now have resources through the CDFIs we are supporting.”
Native360 Executive Director Pete Upton applauded Wells Fargo’s rural commitment. “Our service area includes Nebraska, Iowa and southeast South Dakota,” he said. “Access to affordable capital is just as vital in these areas as it is in more heavily populated areas. We very much appreciate our opportunity to participate in the Wells Fargo Works for Small Business Diverse Capital program.”