When Ventures partners with leading institutions in our community, our entrepreneurs benefit from their support.
That is why we were so excited when our partners at Wells Fargo decided to invest $250,000 in Ventures to help innovative entrepreneurs realize their dreams.
The grant is part of Wells Fargo’s Diverse Community Capital program. Wells Fargo recently committed an additional $100 million to support Community Development Financial Institutions (CDFIs) like Ventures that are dedicated to empowering diverse-owned small businesses across the country. Ventures serves those in our community for whom traditional business development services are out of reach, with a focus on women, people of color, immigrants, and individuals with low incomes.
With additional funding from Wells Fargo’s Economic Opportunity Grant program, Ventures has been able to bring a contracted business coach on to the Ventures staff to dedicate more time to loan outreach and support. This investment has paid off in a dramatic increase in capital deployment to our community.
With the support of Wells Fargo, Ventures was able to loan $204,515.06 with 54 loans in 12 months, compared to $81,743.14 and 22 loans the year before.
Da’Mony Anderson, a Ventures entrepreneur and the owner of Phil Me Up catering, received a $4,500 loan in April 2018 to buy a food cart to sell his food at festivals and events. His business has continued to grow, and he was featured as our food vendor at Ventures’ inaugural Advocacy Night event in October 2018.
We are so proud of this partnership and what it has meant for entrepreneurs like Da’Mony. We recently spoke with our friend Dwight Prevo, Washington’s Community Development Officer for Wells Fargo, who shared his vision for this support.
“Helping small business owners fulfill their dreams is one of the most important things we do at Wells Fargo. This investment in Ventures will go a long way to help diverse small business owners in the Pacific Northwest gain access to the capital they need to succeed, creating more local jobs and strengthening the Puget Sound economy.”In About Ventures