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.
SOURCE African Development Center of Minnesota