Wells Fargo has announced a $500,000 grant from its Open for Business Fund to Citizen Potawatomi Community Development Corporation (CPCDC) in Shawnee.
This woman-led Native CDFI focuses on providing loans to tribal entrepreneurs in Oklahoma and participation loans with other Native CDFIs serving different tribal communities. The funds will be used to subsidize lower interest rate loans.
Jamie Odell, owner of J & Co. Hair Studio in Shawnee, is one of countless small business owners trying to recover after being forced to close her doors during the pandemic.
Since opening several years ago, Odell knew she wanted J & Co. to become a place of love and community, and has since established a “big impact in her little building” that serves Indian Country.
CPCDC continues to help small businesses achieve their dreams — and recover after difficult times by refinancing these businesses with Wells Fargo’s funding.
“The funding from Wells Fargo came at a critical time for women-owned businesses rebounding from the pandemic,” said CPCDC’s Chief Executive Officer and Director Cindy Logsdon. “The reduced interest rate allows a more affordable payment and access to capital that may not have been available otherwise. Thank you Wells Fargo for supporting our native community.”
Wells Fargo’s Open for Business Fund is a roughly $420 million small business recovery effort across the U.S. to help entrepreneurs recover and rebuild. The initiative focuses on three key areas: increasing access to capital through CDFIs, technical assistance, and long-term recovery and resiliency programs.
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