ADC Receives $300,000 Grant from Wells Fargo
African Development Center of Minnesota has received a $300,000 Wells Fargo grant which will help expand Minnesota diverse-owned small businesses.
The ADC was among 14 CDFIs selected around the country for round three of the six-round Wells Fargo Diverse Community Capital (DCC) program. Through the program, Wells Fargo will distribute $75 million over three years to CDFIs – private, nonprofit financial institutions like ADC that assist underserved populations.
"Basic economic security remains out of reach for too many of the Twin Cities' 130,000 African immigrants and refugees," said Nasibu Sareva, Executive Director of African Development Center of Minnesota. "The ADC is a critical resource for integrating the African communities of Minnesota and this grant will allow us to further stimulate markets among the state's growing ethnic communities which will benefit all Minnesotans."
ADC is dedicated to the economic empowerment and success of African immigrants. Minnesota is home to over one-hundred thousand African immigrants, many of whom face language, cultural, and religious barriers. ADC actively works to reduce these barriers and create a path for African immigrants to achieve financial success.
"This grant will allow the African Development Center of Minnesota the ability to provide more capital to African immigrants interested in starting or growing their small business, said Paige Harris, vice president, Wells Fargo Community Lending and Investment. "Increasing access to capital is an important first step in helping more diverse businesses start and succeed in Minnesota."