The South Asian Times

20 November 2019 22:46 PM

Business Center for New Americans secures $500,000 Wells Fargo grant to spark small business growth

New York: Wells Fargo provided a boost to diverse New York City small businesses with a $500,000 grant to Business Center for New Americans (BCNA). The donation focuses on small business growth and economic self-sufficiency for immigrants, refugees and underrepresented New Yorkers in all five boroughs. The grant, from the Wells Fargo Foundation, is part of the Wells Fargo Works For Small Business®: Diverse Community Capital program, which offers capital and technical assistance to minority-owned small businesses as a way to create local jobs and strengthen neighborhoods.

The new grant will not only increase lending to small business owners, it will also help to expand a new Line of Credit loan product and financial management coaching for minority-, women- and immigrant-owned business owners.

"We are thrilled to receive this award," said Yanki Tshering, Executive Director of BCNA, "While access to credit is vital for micro and small business owners to grow their businesses, being able to provide the right financial product also ensures that the business owner gets the best deal possible and one that corresponds best to their cash flow."

The award will also enable BCNA to provide financial management training and one-on-one coaching. "

"When we support a small business, we support local jobs, local neighborhoods and the families that make up the fabric of that community," said Catherine Domenech, Wells Fargo's New York Community Relations leader. "BCNA is deeply embedded in New York neighborhoods and has the skills to deliver personalized coaching and services to underserved small business owners. Together we can help diverse entrepreneurs reach their full potential and stimulate job creation."

As part of its new philanthropic strategy announced in June, Wells Fargo is focusing on three societal challenges: housing affordability, small business growth and financial health. The Diverse Community Capital program is a critical component to the small business strategy and supports business owners who are African-American, Hispanic, Asian-American, American Indian/Pacific Islander, women, veterans, LGBTQ, people with disabilities, and other underrepresented groups.

BCNA helps immigrants, refugees, and other NYC residents achieve economic self-sufficiency and wealth creation. BCNA does this through micro and small business loans and on-going training and financial and credit-building education to help clients successfully establish and run small businesses, save money, and own homes.

Update: 04 Nov, 2019