$5.5 million dedicated to support entrepreneurs, with focus on underserved populations
For Immediate Release
Contact: Amber Kani, Director of Communications
akani@dreamspring.org | 505-317-5154
ALBUQUERQUE, NM (November 4, 2021) - DreamSpring, a nonprofit community lender serving small businesses, announced today the launch of its #TrueGrit Growth Loan, which is designed specifically to help entrepreneurs from underserved populations manage the longer-term economic effects of COVID-19.
Generously supported by Wells Fargo’s Open for Business Fund, the DreamSpring #TrueGrit Growth Loan offers unsecured, low-interest, fixed-rate loans designed to serve microenterprises and small business owners, with an emphasis on entrepreneurs of color, women, and members of low- to moderate-income households.
Through the program, DreamSpring will lend $5.5 million, which is anticipated to result in approximately 785 small business loans and create or retain 1,960 jobs over a two-year period.
“Small businesses and micro-businesses have shown nothing if not fortitude and resilience amid an unprecedented moment in economic history,” said Francisco Lopez, DreamSpring’s chief operations and innovation officer. “This new program honors the resolve of entrepreneurs to recover and rebuild, providing them with critical access to capital, while recognizing them for the true grit they have demonstrated as they resolve to take the next step in their entrepreneurial journey.”
DreamSpring, which was founded in 1994 with a mission to foster economic inclusion by increasing access to affordable capital for even the smallest businesses, recently launched a five-year initiative to increase its annual impact ten-fold over the organization’s 2019 lending levels.
Details of the #TrueGrit Growth Loan are as follows:
- Loan range: up to $10,000
- Repayment terms: 24 months principal + interest due monthly; up to six months interest-only repayment is optional
- Administration fee: NA
- Interest rate: 2.5% - 3%
- FICO score requirement: 600+
The program currently serves business owners in 18 states: Arizona, California, Colorado, Florida, Georgia, Iowa, Illinois, Kansas, Missouri, North Carolina, Nebraska, New Mexico, Nevada, Oklahoma, Texas, Utah, Washington, and Wyoming.
To apply for a #TrueGrit Growth Loan, or for more information about the program and DreamSpring’s other loan offerings, visit DreamSpring.org.
About DreamSpring
DreamSpring is a nonprofit community lender dedicated to eliminating systemic wealth inequities and accelerating the economic inclusion and strength of underserved communities. Founded in 1994, the organization, which operates in 19 states, provides rapid access to capital and customized wrap-around support to the most vulnerable small business owners, focusing on communities including people of color, women, low- to moderate-income earners, people with disabilities, and start-ups. To date, DreamSpring has issued more than 42,000 loans totaling over $465 million to small businesses that support an estimated 72,000 jobs. Learn more at DreamSpring.org.