$5M Award to Chicanos Por La Causa From Wells Fargo's Open for Business Fund Program
PHOENIX, February 26, 2021 /3BL Media/ – It is with great enthusiasm that Chicanos Por La Causa announces a $5 million award from Wells Fargo to help enhance relief programs in Arizona, California and Nevada for small businesses that continue experiencing hardship related to the COVID-19 pandemic. Prestamos CDFI, a division of Chicanos Por La Causa, will be responsible for using the awarded funds from Wells Fargo’s Open for Business Fund to address the lack of access to affordable capital for small businesses.
“These funds will help us provide low-interest loans to small businesses struggling through the pandemic in combination with free consulting services, which makes a significant difference for our clients,” said CPLC President & CEO David Adame. “Almost a year into this pandemic, we understand the multiple challenges small business owners are facing to keep their doors open, create local jobs and, in many cases, offer a lifeline to communities in need across the southwestern United States. We are committed to investing in them on the road to recovery.”
The vital capital will support predominantly racially and ethnically diverse small businesses targeting the counties of Maricopa and Pima in Arizona; Clark and Washoe in Nevada; and Los Angeles in California.
Wells Fargo launched the Open for Business Fund in 2020 as an approximately $400 million small business recovery effort across the U.S. to help entrepreneurs hardest hit by COVID-19 recover and rebuild. To date, the Open for Business Fund has deployed more than $84 million in philanthropic capital to Community Development Financial Institutions (CDFIs), which has helped an estimated 16,000 struggling small businesses and helped keep in place 50,000 small business jobs
“As we head into a new year, we want small businesses to know they are not alone. We are going to continue to come together as a community to foster an inclusive recovery, strengthening the small business sector for the long term,” said Jenny Flores, Head of Small Business Growth Philanthropy at Wells Fargo. “Wells Fargo’s Open for Business Fund draws on the expertise of nonprofits like Chicanos Por La Causa to help expand additional capital, emergency relief and technical assistance to minority-owned businesses, as well as others hard-hit by the pandemic.
CPLC Prestamos is an award-winning CDFI and Community Development Entity (CDE) that has provided small business loans and high-quality technical support services to business owners in underserved communities since 1980. Prestamos now offers loan products and investment opportunities in Arizona, California, Nevada, New Mexico and Texas.
About Chicanos Por La Causa, Inc.
Chicanos Por La Causa, Inc. (CPLC) is a community development corporation that provides services in Arizona, California, Nevada, New Mexico and Texas. Since 1969, CPLC has been changing lives by developing self-sufficiency and instilling empowerment in those we serve. Our focus areas are economic development, education, integrated health & human services, and housing. CPLC provides a better life through offering business and employment opportunities; ensuring everyone has the solid foundation of an education; providing hope through a pathway of recovery, restoration, and resiliency; and ensuring that a safe, secure, affordable home is available to every individual we serve. Today, we have more than 30 programs & services, approximately 1,500 employees, and 130 offices, making CPLC one of the largest community development corporations in the nation. For more information, please visit www.CPLC.org.