JACKSON, Miss. (WJTV) – On Thursday, Wells Fargo announced $3 million in grants to help underserved small businesses in rural and Southern Appalachian communities.
Wells Fargo has selected Appalachian Community Capital Development (ACC), Carolina Small Business Development Fund (CSBDF) and Natural Capital Investment Fund (NCIFund) to join the Open for Business Fund, a nationwide small business recovery effort.
The Appalachian Community Development Foundation will distribute a portion of the funds to the Black-led CDFI Small Business Capital Fund of MS, Inc., a Mississippi-based nonprofit that provides affordable loans to help disadvantaged business owners with business capital and it provides educational business workshops. Small Business Capital Fund of MS, Inc. will receive $200,000 to help minority-owned small businesses in Mississippi.
The funding will help increase access to capital with low rate loans for minority-owned businesses in rural communities across Alabama, Georgia, Mississippi, North Carolina and West Virginia.