Wells Fargo grants $500,000 to Iowa microfinance programs

December 14, 2020

Mark Edelman, Sandy BurkeIowa Community Capital (ICC) received a $500,000 grant award from the Open for Business CDFI Program funded by Wells Fargo with a portion of the $400 million in fees earned from processing Paycheck Protection Program loans related to COVID-19 pandemic emergency relief response last spring and summer. ISU Economics Professor Emeritus Mark Edelman and Sandy Burke, senior researcher, both formerly with ISU's Community Vitality Center, provided technical assistance for ICC's application and CDFI certification. ICC will use grant funds to provide 255 minority entrepreneurs with small loans and technical assistance in ICC's Solidarity Microfinance program to accommodate a 56% increase in clients since June 2020. Additionally, ICC will make program-related-investments in Iowa Microloan and One Economy Financial Development Corp in support of statewide minority-owned small business recovery. Edelman serves as ICC Board Chair.  

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This story was carried by
Des Moines Sunday Register, Dec. 13