WWBIC (The Wisconsin Women’s Business Initiative Corporation) received notification today that we have been awarded $1 million from the federal CDFI Fund. The award will allow us to serve more people with our business and micro loan financial products and our business assistance services, achieving growth that will truly make an impact, especially in lower-income urban and rural areas, as envisioned in our 2018-2021 Strategic Plan.
A Financial Assistance award will provide equity that will help WWBIC leverage additional capital from investors to meet the capital need and demand of our target markets – women, people of color, and individuals of lower wealth and incomes (the “pre-rich!”).
Wisconsin CDFIs claimed seven awards totaling $3.725 million of the total $187 million awarded nationally. WWBIC’s award at $1 million was Wisconsin’s largest. WWBIC will use the funds over the three-year award period.
The CDFI Fund has funded WWBIC continuously since 1998. Community Development Financial Institutions (CDFIs) share a common goal of expanding economic opportunity in low-income communities by providing access to financial products and services for residents and businesses. The CDFI Fund, a program of the U.S. Department of the Treasury, serves mission-driven financial institutions that take a market-based approach to supporting economically disadvantaged communities. CDFIs can be banks, credit unions, loan funds, microloan funds, or venture capital providers.