Correction: $1.25M in Loans to be Accessible for Minority-Owned Companies | Arkansas Enterprise Information
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Wells Fargo introduced Monday that it has awarded $1.25 million in grants to Communities Limitless of Fayetteville and Southern Bancorp of Little Rock.
The grants, which shall be used as mortgage capital by each organizations to assist minority-owned small companies handle the financial results of COVID-19, had been made by Wells Fargo’s Open for Enterprise Fund.
Communities Limitless is a woman-led Neighborhood Growth Monetary Establishment centered on rising entry to capital with low-rate loans for small-business homeowners in persistent poverty counties in seven states, together with Arkansas.
Southern Bancorp is a Black-led CDFI that focuses on companies in economically distressed communities to construct earnings and belongings with consideration to financial fairness and a dedication to monetary inclusion.
The Open for Enterprise Fund is a roughly $420 million small-business restoration effort to assist entrepreneurs throughout the nation recuperate and rebuild.
(Correction: A earlier model of this text incorrectly recognized the grantees and the way the funding can be used. These errors have been corrected.)