MINNEAPOLIS, July 20, 2017 /PRNewswire-USNewswire/ -- African
Development Center of Minnesota
announced its $300,000 Wells Fargo
grant today which will help expand Minnesota diverse-owned small businesses.
The ADC was among 14 CDFIs selected around the country for round
three of the six-round Wells Fargo Diverse Community Capital (DCC)
program. Through the program, Wells Fargo will distribute
$75 million over three years to CDFIs
– private, nonprofit financial institutions like ADC that assist
underserved populations.
"Basic economic security remains out of reach for too many of
the Twin Cities' 130,000 African
immigrants and refugees," said Nasibu Sareva, Executive Director of
African Development Center of Minnesota. "The ADC is a critical resource for
integrating the African communities of Minnesota and this grant will allow us to
further stimulate markets among the state's growing ethnic
communities which will benefit all Minnesotans."
ADC is dedicated to the economic empowerment and success of
African immigrants. Minnesota is
home to over one-hundred thousand African immigrants, many of whom
face language, cultural, and religious barriers. ADC actively works
to reduce these barriers and create a path for African immigrants
to achieve financial success.
"This grant will allow the African Development Center of
Minnesota the ability to provide
more capital to African immigrants interested in starting or
growing their small business, said Paige
Harris, vice president, Wells Fargo Community Lending and
Investment. "Increasing access to capital is an important first
step in helping more diverse businesses start and succeed in
Minnesota."
About African Development Center of
Minnesota
The African Development Center grows businesses,
builds wealth and increases reinvestment in the African communities
of Minnesota. ADC is a leader
in micro-lending to small businesses, outperforming even the
largest banking institutions in the state of Minnesota. With the help of eight dedicated
full-time employees, an Executive & Finance Committee and a
Board of Trustees, ADC provides services in 6 languages to
communities throughout Minnesota.
About Wells Fargo
Wells Fargo & Company
(NYSE: WFC) is a diversified, community-based financial services
company with $1.9 trillion in assets.
Wells Fargo's vision is to satisfy
our customers' financial needs and help them succeed financially.
Founded in 1852 and headquartered in San
Francisco, Wells Fargo provides banking, insurance,
investments, mortgage, and consumer and commercial finance through
more than 8,500 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business
in the global economy. With approximately 271,000 team members,
Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on
Fortune's 2017 rankings of America's largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
Photos and further information: www.adcminnesota.org.
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SOURCE African Development Center of Minnesota