THE WOODLANDS, Texas, January 9, 2024 /PRNewswire/ — DreamSpring, a nonprofit Community Development Financial Institution (CDFI) and Small Business Administration (SBA) lender, and Woodforest National Bank® (Woodforest), a national bank with more than 760 branches in 17 states, work together to provide access to $1.5 million in debt capital to low- and moderate-income (LMI) small business entrepreneurs. The influx of loan capital from Woodforest to DreamSpring is an important step in their shared commitment to driving community development and job creation by expanding peer networks and increasing access to capital.
“Our collaboration with Woodforest broadens the pathway for entrepreneurs to access much-needed capital and business resources,” said Anne Haines, President and CEO of DreamSpring. “With Woodforest on our side, DreamSpring continues to expand our ability to help small business owners realize their dreams and build stronger, more resilient communities through entrepreneurship.”
Daniel GalindoSenior Vice President and Director of CRA Program and Strategic Initiatives at Woodforest National Bank, added, “Working with a strong CDFI like DreamSpring combines the financial strengths of both organizations to provide access to LMI for small business owners who are struggling to obtain the funds they need to run and grow their business, which is a key objective for our team.
Both financial institutions share a commitment to empowering communities through entrepreneurship. The term loan agreement will allow DreamSpring to provide microloans to small business owners and LMI entrepreneurs as they start or expand their businesses in 10 states shared across DreamSpring and Woodforest’s national footprints: Alabama, Florida, Georgia, Illinois, Louisiana, Mississippi, North Carolina, new York, Caroline from the southAnd Texas.
The agreement between DreamSpring and Woodforest also strengthens the teams’ vision to expand peer networks across their shared footprint to provide more resources to small business owners.
For example, in South Dallasboth organizations have adopted the acclaimed Office of the Comptroller of the Currency (OCC) program. Dallas REACH initiative to increase IMT access to capital. Woodforest made it easy to connect DreamSpring to monthly Dallas REACH round table, bringing together banks, CDFIs, community stakeholders and leaders. This collaboration has resulted in a larger support network in South Dallasenriching the local small business ecosystem.
A South DallasTaylor Symoné is a small business owner who felt the life-changing impact of capital. Her small day spa business offers beauty and hair treatments, therapeutic post-surgery treatments, massages and facials. When she first started out, Taylor remembers calling about 15 financial institutions and feeling frustrated each time by the paperwork required for a small loan, as well as the strict requirements to only help companies with at least two years of operational experience. DreamSpring was different. Taylor has since repaid three DreamSpring loans to fuel the growth of her business and create even more opportunities for her family.
“I’m really big on generational wealth,” Taylor says. “I love teaching my kids to be their own boss, to be the star of their own show, and to learn and understand that you can create your own passage – you just have to want it.”
For 30 years, DreamSpring has developed small business training and a range of loan products to meet the needs of entrepreneurs like Taylor. Today, DreamSpring offers small business loans, lines of credit, SBA 7(a) loans and commercial real estate loans in 27 states to level the playing field by filling credit and knowledge gaps that hinder economic mobility.
DreamSpring is a nonprofit Community Development Financial Institution (CDFI) and U.S. Small Business Administration (SBA) lender dedicated to accelerating economic inclusion and strength in underserved communities. Founded in 1994, the organization provides rapid access to capital and personalized comprehensive support to the most vulnerable small business owners in 27 states, focusing on communities including people of color, women, low-income earners or moderate, people with disabilities, and start-ups. To date, DreamSpring has issued more than 48,796 loans totaling more than $538 million to small businesses that support approximately 65,138 jobs. Learn more about DreamSpring.org.
About Woodforest National Bank
Celebrating more than 40 years of community banking, Woodforest National Bank has successfully ranked among the nation’s strongest community banks, proudly providing exceptional customer service since 1980. Woodforest currently operates more than 760 branches in 17 states to across the country. United States and is an ARC rated institution. For more information on Woodforest National Bank, please visit www.woodforest.com. Member of the FDIC. An equal opportunity employer.
SOURCE Woodforest National Bank