BCL of Texas Receives $500,000 Investment from Wells Fargo
Dallas, Texas – Business and Community Lenders (BCL) of Texas, a statewide non-profit community lender, has been awarded an equity equivalent investment of $500,000 from Wells Fargo to support their business development services. Funds will be used to provide business loans to growing businesses in Dallas.
“Wells Fargo has a strong commitment to investing in our communities,” said Paige Harris of Wells Fargo Community, Lending & Investment. “We are excited to partner with BCL on this project and look forward to supporting economic growth in Dallas.”
Loans ranging from $20,000 to $250,000 will be provided at affordable interest rates to small businesses currently experiencing a growth phase. Loan proceeds can be used for commercial real estate, working capital, equipment, leasehold improvements and most other business purposes. As a non-profit lender, each loan funded by BCL of Texas must meet a public purpose test, such as creating jobs; supporting minority-, women- or veteran-owned businesses; rural development; business district revitalization; expansion of exports; enhanced economic competition; or the like.
The non-profit lending sector has experienced growth in the last several years, as business owners discover the alternative to borrowing at high interest rates or using personal credit cards to grow their business.
“Our commitment is to the communities of Texas,” says Rosa Rios Valdez, CEO of BCL of Texas. “Small business owners that receive capital in turn create jobs and boost the local economy. When they repay their loan, we are able to re-lend those funds to another business owner in the community to do the same. This tactic has allowed our organization to help small businesses create nearly 5,000 jobs for Texans in 22 years.”
In addition to lending capital, BCL of Texas also works directly with small business owners to develop the skills to help them succeed. Through one-on-one instruction in writing a business plan, developing a marketing plan, analyzing business financials, and more, entrepreneurs who seek assistance are less likely to make costly mistakes, and even the more experienced owners hone their skills with the help of an objective business coach.
“Most of our technical assistance to borrowers occurs after the loan is closed,” says Chris Robles, Portfolio Manager for BCL of Texas. “We provide free coaching to each customer for the life of the loan, and we try to do whatever it takes to help them succeed.”
More information about qualifying for a loan can be found by calling (888) 241-2215 to speak to a BCL Loan Officer.