Natural Capital Investment Fund (NCIFund) is pleased to announce an award of $1 Million from Wells Fargo to launch the Building Equity Fund.
“Natural Capital Investment Fund will deploy the Building Equity Fund to deliver affordable capital and help Black-owned and minority-owned businesses increase their equity,” said Marten Jenkins, NCIFund CEO. “We couldn’t pursue this new approach without Wells Fargo’s support, and we’re grateful for the opportunity to deepen our commitment to serving disadvantaged entrepreneurs.”
NCIFund will commit $3 Million to the Building Equity Fund, which will lend up to $250,000 to minority-owned businesses. Wells Fargo’s grant allows NCIFund to offer the loans at an affordable rate of 3%.
The Building Equity Fund will also include an innovative equity conversion component; 10% of the loan amount will convert to borrower equity after 2 years of successful repayment. In this way the Fund seeks to address the lack of equity in Black- and minority-owned businesses, which limits their ability to innovate and borrow.
The Fund will be launched later in Q3 2021. For more information click here.
Contact: Marten Jenkins, President, 681-252-4276, This email address is being protected from spambots. You need JavaScript enabled to view it.
