Wells Fargo Diverse Community Capital
South Carolina Community Loan Fund was awarded $900,000 from Wells Fargo, including $150,000 in grant funds and $750,000 in lending capital, to support diverse small business owners in South Carolina. SCCLF was one of 12 organizations nationwide selected in Round 4 of the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program.
“The Diverse Community Capital program is one of many ways Wells Fargo demonstrates its commitment to helping small businesses start, stabilize and grow,” said Kimberly Davis, South Carolina Community Development officer for Wells Fargo. “Thanks to the support the SC Community Loan Fund is receiving, more diverse-owned small businesses in the state will be provided the capital, technical assistance and other resources they need to help make their businesses – and ultimately, our communities – even stronger.”
“The Diverse Community Capital program aligns perfectly with our mission to advance equitable access to capital in underserved communities across South Carolina,” explained Michelle Mapp, Chief Executive Officer of SC Community Loan Fund. “The funding has allowed us to deploy more capital and spearhead innovative technical assistance programs targeted to minority-owned small businesses. We are grateful to have received this funding and look forward to continuing to put it to work in South Carolina communities.”
SCCLF approved two Diverse Community Capital small business loans in 2018. In addition, the organization used the grant funds received to develop a new technical assistance program to serve diverse entrepreneurs. The Local Entrepreneur Acceleration Program (LEAP), which will officially launch in spring 2019, aims to support diversity in small business ownership across South Carolina by providing minority and women entrepreneurs with business plan development support, technical skills, and the chance to compete for a $10,000 startup capital award.