WWBIC receives $1 million Federal CDFI Award.
today that we have been awarded $1 million 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.
A 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 (the
“pre-rich!”).
Wisconsin CDFIs claimed seven awards totaling $3.725 million of the total $187 million
awarded nationally. WWBIC’s award at $1 million was Wisconsin’s largest. WWBIC
will use the funds over the three-year award period.
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 Corporation (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-onone
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
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