Wells Fargo Foundation backs Broward small business lending with $1 million grant

The Wells Fargo Foundation is giving Ascendus $1 million to launch BRIDGE Broward, a new program meant to expand capital access for small businesses in Broward County. The initiative will deploy $900,000 in loans, add coaching and local technical assistance, and is expected to support about 160 jobs across 36 businesses. Why it matters: - Broward County small business owners often struggle to qualify for traditional bank loans. - BRIDGE Broward is designed to close that gap with capital, coaching and local support. - The program is expected to help create or retain about 160 local jobs across 36 businesses. What happened: - The Wells Fargo Foundation announced a $1 million philanthropic investment in Ascendus at the 2026 Broward & Beyond Business Conference in Fort Lauderdale. - The grant will launch BRIDGE Broward, short for Broward Resources for Inclusive Development & Growth for Entrepreneurs. - Ascendus will deploy $900,000 in loans to an estimated 36 Broward County entrepreneurs. - Each borrower will also receive personalized financial coaching. - Broward-based partners Prospera, Hispanic Unity of Florida and Urban League Central County Community Development Corporation will provide technical assistance. The details: - BRIDGE Broward will offer microloans from $500 to $100,000 for entrepreneurs who cannot qualify for traditional bank financing. - The program will also offer lines of credit up to $50,000 at a fixed 13.99% rate. - Coaching will focus on credit health, business stability and long-term financial confidence. - Ascendus said the model pairs lending with hands-on support rather than capital alone. - Wells Fargo said the program brings together capital, local expertise and community partnerships to expand access. - The initiative comes as small businesses across South Florida face rising costs, tighter credit markets and uncertainty. - Ascendus said it has deployed more than $63 million in small business loans in Florida over more than 20 years, serving more than 3,000 entrepreneurs. - Across the U.S., Ascendus says it has deployed more than $420 million to more than 57,000 entrepreneurs in more than 30 years. - Ascendus says 78% of those entrepreneurs were women, immigrants or entrepreneurs of color. - Prospera said it has specialized in bilingual assistance to entrepreneurs since 1991. - Prospera said it facilitated $56.8 million in loans, trained more than 17,700 entrepreneurs and helped clients create or retain more than 17,600 jobs in the last five years. - Hispanic Unity of Florida said it has served more than 618,000 people since its founding in 1982. - Central County Community Development Corporation said it is the only CDFI headquartered in Broward County and has offered small business lending since 2015. - CCCDC said it provides loans from $10,000 to $250,000 with flexible underwriting for minority entrepreneurs and underserved businesses across Broward, Miami-Dade and Palm Beach counties. - More information about Ascendus is available at ascendus.org . - More information about Prospera is available at prosperausa.org . - More information about Hispanic Unity of Florida is available at hispanicunity.org . - More information about Central County Community Development Corporation is available at cccdcorp.org . Between the lines: - The grant fits a broader push to pair lending with technical help for entrepreneurs who are often left out of mainstream credit. - The emphasis on local partners suggests the program is meant to do more than move money; it is meant to build borrower readiness and reduce default risk. - The Florida track record gives Ascendus a proof point as it expands in Broward County. What’s next: - Eligible Broward County small business owners can begin seeking loans and coaching through the BRIDGE Broward program. - The partners will continue to coordinate lending, coaching and technical assistance over the grant period. - Outcomes will likely be measured by loan deployment, business growth and jobs supported.