True Access Capital will expand its lending to minority-owned businesses, with an emphasis on Hispanic-owned businesses, with the support of a $657,000 award from the Community Development Financial Institution Fund.
A program of the U.S. Department of the Treasury, the CDFI Fund is 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 U.S. Treasury's CDFI program to True Access Capital will help fuel the continued growth of Hispanic entrepreneurs in Delaware,” said U.S. Sen. Chris Coons.
The CDFI grant will expand True Access Capital’s reach to minority-owned businesses, for whom credit access can be a significant hurdle.
“We know our way around this un-level 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.”
Since 1992, True Access Capital has provided loans and business advice to entrepreneurs and community organizations in low-income areas of Wilmington and southeastern Pennsylvania, particularly women-owned and minority-owned businesses.
To apply for a small business loan with True Access Capital, call 302-652-6774.