Wells Fargo & Company announced it has exceeded its initial $75 million commitment for the Wells Fargo Works for Small Business: Diverse Community Capital program by awarding $13 million in lending capital and grants to 19 Community Development Financial Institutions (CDFIs) in the latest round of the program. The CDFIs, which are nonprofit financial institutions, use the funds to deliver affordable financial products to diverse small business owners who do not typically have access to conventional financing.

Wells Fargo previously announced that the program will continue at least into 2020 through an additional $100 million commitment from the Wells Fargo Foundation, based on the programs early success.

With the latest round of funding, the program aims to be even more inclusive of rural communities in addition to urban neighborhoods. Organizations serving rural counties in South Carolina, Maryland, Nebraska, Georgia and California will receive funding, as well as CDFIs serving urban centers such as Washington, D.C., Philadelphia, New York and Chicago.

Rural small businesses and their diverse owners have different challenges than their urban counterparts, and we want to be part of a solution that helps remove those obstacles to growth, said Mike Rizer, director of Community Relations at Wells Fargo. The range of geographies served by these awardees demonstrates Wells Fargos commitment to supporting communities across the country, regardless of our retail presence. Small business owners who would not otherwise have access to the resources needed to start or grow their businesses will now have resources through the CDFIs we are supporting.