This summer we and our fellow
Community Development Financial Institutions (CDFIs)
, have been busy advocating at all levels of government for continued support for CDFIs. We've been doing that by sharing stories of how BCNA and CDFIs throughout the country create opportunities in low to moderate income communities, in communities of color, and for new Americans and refugees.
Because this mission is now more critical than ever, we are very pleased to announce that BCNA has received an award from the Wells Fargo Diverse Community Capital (DCC) Program. It will provide BCNA with a $200,000 grant and an EQ2 investment of $500,000 for loans to businesses in New York City. We are also looking forward to learning and growing from the information we take away from networking sessions with the other awardees. So far, 44 CDFIs have been selected to benefit from this program. Our thanks to Opportunity Finance Network (OFN), which manages this program in partnership with Wells Fargo's Community Relationship Group.
A formal announcement about this award will be made on August 21st at the Heart and Soul NYC event, which is a celebration of small businesses in New York City. Please watch our Facebook page for information about the event!