(SAN ANTONIO, TX) – The Wells Fargo Foundation has made a historic $10 million grant to NALCAB — National Association for Latino Community Asset Builders — to support growth-oriented lending to minority-owned businesses nationwide through a network of Latino-led nonprofit business lenders. The new Acceso Loan Fund is designed to help diverse entrepreneurs scale to a greater size — expanding their revenue, impact on the economy and ability to provide jobs.
By sharing the grant funds equally, NALCAB, LiftFund and each of ten other CDFI (Community Development Financial Institutions) partners in the NALCAB network will be co-owners of the fund. The Acceso Loan Fund will provide small business loans in the range of $50,000–$500,000. Read more.
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