"VEDC looked at our forecast financials and took a chance. I'm proud to say that we have not missed a payment, have never been late and are almost paid off," stated Palazzo Concessions owner, Simeon Stewart II. "We have now grown from one contract to 19 locations in three airports in California. We couldn't have done this without the help of VEDC.""Our relationship with VEDC goes back 30 plus years and throughout that time, it's been exciting to see the impact of our work together - because of this work more small businesses are thriving across Los Angeles," said David DiCristofaro, lead region president of Wells Fargo in Greater Los Angeles. "We need small businesses to succeed financially, grow and add jobs for our communities to prosper and we want to make every responsible loan we possibly can to help creditworthy small businesses." The 12 organizations selected for round two were chosen from among 98 that indicated interest. Wells Fargo will distribute a total of $8.17 million in lending capital and $3.075 million in grants to the selected CDFIs. The DCC program launched in November 2015 by providing $4.45 million in loan and grant funds to three CDFIs and encouraging others to submit interest forms for the program's first official round. More than 100 CDFIs responded, and Wells Fargo distributed a total of $5.67 million in grants and $16.67 million in lending capital to the 15 CDFIs selected in round one. Application Window Open for DCC Round Three Wells Fargo opened the window for interest forms for the third round of its Diverse Community Capital program on November 1 st and will accept the forms until December 1 st. CDFIs can visit www.wellsfargo.com/cdfi to learn more about the program's guidelines and to access the link to the online interest form. Available support from the program includes the following:
- Grant Capital. Available to CDFIs to build their financial, operational, and human capacity to serve diverse small businesses.
- Debt Capital. Available to CDFIs to build their lending capital to serve diverse small businesses. Financing will include senior debt and subordinated debt.
- Social Capital. Offers CDFIs support by focusing on activities including mentorship, peer learning, marketing/outreach, underwriting and guidance on tailored products. The Social Capital component of the program is offered through Opportunity Finance Network.