Wells Fargo & Company (NYSE: WFC) has made a $400,000 equity equivalent investment (EQ2) to the Natural Capital Investment Fund (NCIF). The funds will be used to support lending activities for sustainable natural resource-based businesses creating jobs in economically distressed regions, specifically targeting Virginia and North Carolina.
This non-profit business loan fund is affiliated with The Conservation Fund, a national non-profit with a unique dual mission of land and water conservation and economic development.
“This investment will go a long way towards our goal of improving local communities and supporting ‘green’ businesses,” said Marten Jenkins, president and CEO of NCIF. “The opportunity for growth and job creation is tremendous, and NCIF is deeply appreciative of Wells Fargo’s commitment to our communities.”
“The experienced team at NCIF is doing important work to help small businesses,” said Frank Cianciarulo of Wells Fargo Community Lending and Investment. “They go the extra step with their innovative environmental focus and we’re glad to support that.”
EQ2s are patient capital in the form of below-market-rate loans. This limited resource is reserved for Well Fargo non-profit community development partners that are working to expand affordable housing, job creation, and economic development in the communities where Wells Fargo does business.
About Wells Fargo
Wells Fargo’s Community Lending and Investment division provides debt and equity capital for economic development, job creation and affordable housing in areas of need nationwide. Click here for more about Wells Fargo Community Lending and Investment.
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet across North America and internationally. The Company promotes economic growth and self-sufficiency, education, social services, the arts and the environment in thousands of communities across North America. In 2008, the Company gave $226 million in grants to 14,000 nonprofits. Team members contributed 1.4 million volunteer hours and served on 16,000 nonprofit boards. The merger of Wells Fargo and Wachovia makes our presence twice as strong in the communities we serve. Click here for more about Wells Fargo’s achievements in Social Responsibility.
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