S.C. Community Loan Fund receives grant for small business growth

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The Wells Fargo Foundation has given a $500,000 grant to the S.C. Community Loan Fund to help small-business owners with lending, technical assistance and community relationship building. The goal is to stimulate local economic growth and jobs.

The grant is part of the Wells Fargo Works for Small Business: Diverse Community Capital program.

A news release said the grant will be used for the evaluation, improvement and expansion of the fund’s Local Entrepreneur Acceleration Program, which provides minority and female entrepreneurs with business plan development support, technical skills and the chance to compete for $10,000 in capital. The grant will also allow the S.C. Community Loan Fund to increase lending to more diverse small-business owners.

“Reaching diverse entrepreneurs, particularly entrepreneurs of color and women, is an essential part of our mission,” said Anna Lewis, S.C. Community Loan Fund’s CEO. “The Diverse Community Capital program has been, and will continue to be, key to allowing us to expand upon the targeted services and resources available to support diverse small-business owners.”

Kimberly Davis, Wells Fargo’s S.C. community development officer, said, “Together, we can help more diverse entrepreneurs reach their full potential and stimulate job creation in the process.”

The S.C. Community Loan Fund is a nonprofit community development financial institution with offices in Charleston, Columbia and Spartanburg. The fund also was awarded a Diverse Community Capital grant in 2017.