June 5, 2018

Hartford nonprofit nets $850K to fund biz loans, grants

PHOTO | Contributed
PHOTO | Contributed
HCLF's headquarters at 215 Garden St. in Hartford.

A Wells Fargo & Co.-administered small business program that aims to spur minority business growth has awarded $850,000 in funding to the Hartford Community Loan Fund (HCLF).

HCLF, a community development nonprofit that rehabilitates blighted housing and supports economic development in city neighborhoods, will receive $350,000 in grants and $500,000 in lending capital to support diverse small business owners in the Hartford region, officials said.

HCLF is among 13 community development financial institutions across the nation that were selected to receive part of $12.1 million in lending capital and grants under under the Wells Fargo Diverse Community Capital (DCC) program.

Recipients are private, nonprofit financial institutions that provide financial services to low-income populations.

In 2017, the DCC program awarded nearly $284 million in loans to small businesses. The program began in 2015.

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