Initiative to Expand Access to Capital for Minority- and Women-Owned Businesses

Wells Fargo Invests $2 million in Hope Enterprise Corporation

JACKSON, MISS., November 2, 2015 – Hope Enterprise Corporation (HOPE) was one of three Community Development Finance Institutions (CDFIs) nationwide selected to launch the Wells Fargo Works for Small Businesses: Diverse Community Capital Program.  Through the Program, HOPE will receive a $2 million grant to support the organization’s commercial lending, outreach and technical assistance programs for minority- and women-owned and led small businesses.  Wells Fargo chose HOPE for the organization’s long track record of successful lending to minority- and women-owned and led small businesses.  Over the next three years, Wells Fargo will invest $75 million directly into CDFIs that serve businesses led by diverse leaders.

“Unfortunately, access to capital to support underserved people and places has historically been limited in the Mid South,” said Bill Bynum, CEO of HOPE.  “The support from Wells fills an important void and positions HOPE to create even more opportunities for promising entrepreneurs who may otherwise be overlooked.”

HOPE provides financing to small businesses, nonprofits, affordable housing providers, healthcare providers, charter schools and healthy food retailers, often when no one else is willing to provide capital. Since 1994, HOPE has provided $356 million in financing to more than 900 businesses. These businesses have supported more than 17,000 jobs.