WWBIC Receives $650,000 Federal CDFI Award
The CDFI Fund has funded WWBIC continuously since 1998.
WWBIC has just received notification that we have been awarded $650,000 from the Federal CDFI Fund. The award will allow us to serve more people with our business and micro loan financial products and our business assistance services, achieving growth that will truly make an impact, especially in lower-income urban and rural areas, as envisioned in our 2018-2021 Strategic Plan.
The Financial Assistance award will provide equity that will help WWBIC leverage additional capital from investors to meet the capital need and demand of our target markets – women, people of color, and individuals of lower wealth and incomes (as we say, the “pre-rich!”).
Wisconsin CDFIs claimed four awards totaling $2.390 million of the total $188 million awarded nationally.
The CDFI Fund has funded WWBIC continuously since 1998. Community Development Financial Institutions (CDFIs) share a common goal of expanding economic Opportunity in low-income communities by providing access to financial products and services for residents and businesses. The CDFI Fund, a program of the U.S. Department of the Treasury, serves mission-driven financial institutions that take a market-based approach to supporting economically disadvantaged communities. CDFIs can be banks, credit unions, loan funds, microloan funds, or venture capital providers.
About WWBIC
Wisconsin Women’s Business Initiative Corp. (WWBIC) is a leading, innovative economic development corporation “Putting Dreams to Work.” WWBIC’s primary focus is on women, people of color and low income individuals, providing direct lending and access to fair and responsible capital, quality business education, one-on-one technical business assistance and education to increase financial capability. Since 1987, WWBIC has lent over $60 million in micro and small business loans with a current loan portfolio of $18 million and nearly 500 active borrowers. To learn more about WWBIC visit: www.wwbic.com
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
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