Wells Fargo Foundation: Diverse Community Capital
Beginning in 2018 and continuing through 2020, the DCC program will offer two unique funding opportunities. Program components are:
- Capacity Building grants. The purpose of this funding is to build CDFI capacity (capital, resources, and knowledge) with flexible grant capital to increase and strengthen lending and technical assistance offerings to diverse small businesses.
- Activator grants. The purpose of this funding is to support CDFIs working on and ready to make active or implement or expand a strategy with the potential for industry or market replication. Examples of strategies include, but are not limited to, the following: collaboration with anchor institutions; innovative technologies or product(s); local food economies; and environmentally beneficial businesses.
All awardees will be offered social capital activities through Opportunity Finance Network (OFN). Social Capital may include mentorship programs, an online learning community, and other collaborative efforts.
Amount: $100,000,000 is available to award: 1) 15-20 Capacity Building grants, generally ranging from $150,000 to $500,000; and 2) 5-7 Activator grants, generally ranging from $500,000-$3,000,000 may be awarded. Activator grant awards may be funded over one to three years.
Eligibility: Organizations must:
- Be a U.S. Department of the Treasury-certified CDFI
- Have tax-exempt status under Section 501(c)(3) of the U.S. Internal Revenue Code
- Have completed at least two consecutive years of small business lending as of the date of the Interest Form
- Be located in and serving the U.S., including the territories of Puerto Rico and the U.S. Virgin Islands
Activator grants are open exclusively to CDFIs that exhibit an acceptable degree of financial strength, stability, and a high level of readiness to implement their plan. CDFIs must have at least $10 million in assets and can apply for an award up to 10% of their assets subject to the parameters below.
Note: The DCC program defines diverse small businesses as being owned by someone who is Black or African American, Asian, American Indian or Alaska Native, Native Hawaiian or other Pacific Islander, Multiracial, Hispanic, Latino, female, a veteran, or LGBT. Small businesses refer to businesses, including nonprofits, ranging in size from microenterprises, with five or fewer employees (including proprietor), to small businesses with up to 500 employees (as defined by the SBA).
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