True Access awarded $657,000 to launch Hispanic business loan program
From Delaware Business Now
True Access Capital, Wilmington (formerly First State Community Loan Fund) will expand its lending to minority-owned businesses, with an emphasis on Hispanic-owned businesses, with the help of a $657,000 award from the Community Development Financial Institution (CDFI) Fund.
The fund is a program of the U.S. Department of the Treasury intended to increase lending in low-income and economically distressed communities.
“Delaware’s Hispanic businesses are rapidly growing in number and in size, and this award from the US Treasury’s CDFI program to True Access Capital will help fuel the continued growth of Hispanic entrepreneurs in Delaware,” U.S. Sen. Chris Coons said of the award. “Where some lenders saw risk, CDFI programs show us there is still ‘Blue Ocean’ in communities that are mistakenly overlooked.”
The CDFI grant will expand True Access Capital’s reach to minority-owned businesses, for whom credit access is a significant hurdle.
“We know our way around this unlevel playing field, and we’ve long helped minority business owners navigate it,” said Vandell Hampton, Jr., True Access Capital CEO. “The demand for business financing and development for Hispanic businesses has exploded in recent years, and we know that Hispanic business owners face the same challenges in accessing capital that African American entrepreneurs face, so this expansion of reach is a natural direction for us.”