Wells Fargo Foundation approved a $50,000 grant this past week to Iowa Community Capital (ICC) for use with its Solidarity Microfinance program targeting low-income minority women entrepreneurs in Des Moines. The recent approval continues annual support that now totals $200,000 in Wells Fargo Foundation support for the Solidarity initiative during the past four years. To date, Solidarity has attracted 215 low-income entrepreneurs with income generating activities using the Grameen peer group lending methodology. All Solidarity borrowers have achieved a 100% loan repayment rate since January 2015.
Dr. Mark Edelman and Sandy Burke of the ISU Community Vitality Center provide ongoing strategic planning and technical assistance for the Des Moines microfinance demonstration project. ICC is a special purpose tax exempt nonprofit Community Development Financial Institution (CDFI) that is certified by the U.S. Treasury Department.