Our Fresno Community Development Financial Institution’s (Fresno CDFI) coffer is a bit fuller this week thanks to a $15,000 grant from Wells Fargo. The money will be used to enhance and enroll over 200 low- and moderate-income individuals in the Individual Development Account (IDA) Project headed by Fresno CDFI. The check was presented by Tim Rios, Senior Vice President of Wells Fargo, to Salam Nalia, CEO of Fresno CDFI prior to our Agency’s January Board of Commissioners meeting.

Fresno CDFI’s IDA Project helps low- and moderate-income individuals build their savings account and, in turn, their business, one dollar at a time. “The program is simple: participants are matched two dollars for every dollar they deposit in to their savings account and have the potential of accumulating a total of $6,000,” says Salam Nalia. “They can use this money to purchase assets or land for their business, buy their first home, pay for their post-secondary education, or use as operating capital for a small farm or food value-added micro-business.” The IDA Project also offers its clients financial literacy workshops and financial counseling.

“Wells Fargo is proud to support the outreach efforts of Fresno CDFI,” said Tim Rios. “Time and time again, communities have successfully used IDAs as a tool to promote asset building and we are fortunate to have a partner in Fresno CDFI that has the capacity and expertise to offer this benefit to families in Fresno County.”