Small businesses are the social economic drivers that provide local jobs, fill gaps for goods and services, and serve as a catalyst for economic development. Woodforest's Small Business Growth Initiative is a comprehensive approach aimed at activating entrepreneurial ecosystems and helping small businesses grow across the nation. Woodforest Foundry is one of our key programs that provides local resources for entrepreneurs through trusted guidance from peers who serve as mentors. This programming, coupled with new, innovative, and flexible capital for businesses at various growth stages, helps local communities grow and thrive.
Community Development Financial Institutions (CDFIs) are critical to filling the needs of the entrepreneurial ecosystems and providing small business capital ecosystems. Woodforest is dedicated to increasing the capacity of CDFIs through innovative loans, investments and serving on Boards and Committees of their organizations. Our community partner Opportunity Finance Network, the leading national network of CDFIs, strengthens CDFIs through three objectives: money, strength and voice. Opportunity Finance Network shapes policy, conducts research, and creates partnerships and programs that help its members deliver in financially stressed communities.
Woodforest Foundry programming starts with a visible, locally relevant, and transparent community kickoff discussion called Entrepreneurship 4 AllSM (E4AllSM). E4All, powered by Sustainable Startups, is an interactive event that teaches participants the fundamentals of an entrepreneurial mindset. By bringing to light local resources and knowledge from local experts, E4All teaches participants they often already have access to the tools they need to be an entrepreneur. Ultimately, peers serve as mentors who facilitate networking between individuals and businesses within the community to "co-create" entrepreneur-driven outcomes.
Before COVID-19, we were developing and testing holding E4ALL's in our highly visible in-store branches. Given current conditions, we have pivoted and are prototyping a virtual version of the Woodforest Foundry to respond to the needs of entrepreneurs.
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2019 Consumer Bankers Association's |
"Woodforest will continue to support small businesses and entrepreneurs across the country, and the Woodforest Foundry is one way we are delivering on that commitment. However, Woodforest cannot tackle this need alone, and we encourage other banks to join us in providing trusted guidance and putting the right local resources together in each of our communities to help activate, grow and sustain local entrepreneurial ecosystems."
Jay Dreibelbis, CEO, Woodforest National Bank, Published on Consumer Bankers Association's website in response to Woodforest winning the 2019 Joe Belew award.
Furthering Woodforest's commitment to expanding access to small business capital ecosystems, Woodforest provides equity investments to Small Business Investment Companies (SBICs), which in turn deploy capital to companies with revenue of at least $1 million who operate in low- and moderate-income communities. This initiative allows small businesses who may be out of CDFI reach to access capital to scale their business.
Reach out to one of the below contacts for more information about our general small business community initiatives, the Woodforest Foundry, or CCIF opportunities.
We are committed to providing effective solutions to improve the financial health of our employees, customers, and communities.
Creating positive social and environmental impact in communities throughout our footprint.
Partnering with organizations who promote homeownership as a wealth-building opportunity in the communities we serve.