HOPE Receives $2.8 million from Wells Fargo to Expand Access to Capital in the Deep South

JACKSON, MS – Hope Enterprise Corporation (HOPE), a community development financial institution based in Jackson, Miss., has received a $2.8 million grant from Wells Fargo to expand access to capital for entrepreneurs in diverse communities across the Deep South. 

The grant is part of the latest round of funding from the company’s Wells Fargo Works for Small Business®: Diverse Community Capital program. The program was created to empower diverse small business owners with a $175 million commitment through 2020. Since its inception in 2015, the program has awarded $94.8 million to 92 CDFIs in rural and urban areas.

“HOPE has a long track record of working with others to strengthen underserved people and places. This grant from Wells Fargo will help us to expand our support for entrepreneurs who have had limited access to the capital and technical assistance needed to fuel their businesses,” said HOPE CEO Bill Bynum.

The Diverse Community Capital program is a collaboration between Wells Fargo and Opportunity Finance Network, a national network of CDFIs. According to Opportunity Finance Network (OFN)’s evaluation of the first phase of the program, diverse small business borrowers from the first 44 CDFI awardees have already created and sustained more than 45,000 jobs as a result of accessing capital and development services.

“Small businesses are essential to a vibrant community, no matter where you live,” said Candy Moore, Wells Fargo Southeast community development manager. “CDFIs like Hope Enterprise Corporation are such an important partner in cultivating small business growth, and the recipients in this round have a long track record of success and leadership in the communities they serve.”

Opportunity Finance Network offers a social capital component of the program to focus on helping CDFIs grow stronger through activities including in-person networking, mentorship, consulting and peer learning. According to Opportunity Finance Network, Diverse Community Capital awardees have closed more than $393 million through more than 8,000 loans to diverse small business clients, including African-American, Latino, American Indian, women, and veterans, among others.

For more information, visit the Diverse Community Capital program.