March 25, 2021 | California Capital FDC, Opening Doors, and Rural Community Assistance Corporation (RCAC) have received grants as part of the Wells Fargo Open For Business Fund program. The funds awarded to the three Sacramento-area Community Development Financial Institutions (CDFIs) are part of Well’s Fargo’s national effort to help small businesses recover and rebuild in the face of the economic effects of COVID-19. California Capital will receive a grant of $500,000.
The Open For Business Fund program is designed to foster an inclusive recovery for U.S. small business, paying special attention to access to capital and technical assistance for diverse businesses from communities that have been disproportionately impacted by the pandemic. Many businesses in communities of color have less access to financing and other resources to help them survive.
California Capital seeks to bridge this disparity and reach women, minority, disabled veteran, and LGBT business owners and low to moderate income communities with financial services and technical assistance. The Open For Business Fund program focuses on increasing access to capital through CDFIs, technical assistance, and long-term recovery and resiliency programs. Through a Lending Center, Women’s Business Center, and Procurement Technical Assistance Center, California Capital offers these services to business owners in 28 counties across Northern California.
The Open For Business grant will allow California Capital to continue offering free technical assistance and business counseling, and to reach even more diverse business owners with financial services. With equitable access to these resources, California’s small business community will be empowered to rebuild and economic opportunity will be amplified.
Read the full press release here: Sacramento CDFIs California Capital, Opening Doors and Rural Community Assistance Corp receive $3M from Wells Fargo Open For Business Fund to Help Minority-owned Businesses Recover