Chicanos Por La Causa is helping small businesses bounce back during the COVID-19 pandemic.
The community development corporation that serves Arizona and other states recently announced it had received a $5 million award from Wells Fargo to assist with relief programs in Arizona, California and Nevada experiencing hardships due to the healthcare crisis. Prestamos CDFI, a division of Chicanos Por La Causa, is responsible for using the money from Wells Fargo’s Open for Business Fund to tackle the lack of access to affordable capital for small businesses.
The funds will help Chicanos Por La Causa provide low-interest loans to small businesses in combination with free consulting services, said David Adame, Chicanos Por La Causa president and CEO. This capital will aid predominantly racially and ethnically diverse small businesses targeting the counties of Maricopa and Pima in Arizona, as well as Clark and Washoe counties in Nevada and Los Angeles.
Wells Fargo kicked off the Open for Business Fund last year as an approximately $400 million small business recovery attempt across the country to help entrepreneurs hit the hardest by COVID-19 recover and rebuild.
To learn more, visit www.cplc.org.