The Rainier Valley Community Development Fund (RVCDF) is pleased to announce that it has received $200,000 in grant funds and $1 million in lending capital to support small businesses in south Seattle under the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) Program.
Diverse Community Capital funds will be used to increase lending to diverse small business owners; help more diverse small business owners get the coaching and education resources they may need to grow their business; and improve, create or add resources, materials, products, or programs to better serve their target market.
Under the program, awardees also have the opportunity to participate in a social capital component, delivered by Opportunity Finance Network, a national network of CDFIs. Social capital opportunities include an online learning community, working groups on specific topics, consulting, peer learning and mentoring.
“When local businesses succeed, so does our community,” said RVCDF Executive Director Wayne Lau. “We are pleased to be one of 13 Community Development Fund Institution (CDFI) awardees.”
RVCDF’s commercial lending program began in 2006, focusing on minority and women owned businesses as well as affordable housing and community facilities. In fact, seventy-nine percent of the businesses which received loans are owned by women and minorities.