Wells Fargo Foundation launches $1M initiative for Broward entrepreneurs

The Wells Fargo Foundation has unveiled a $1 million investment to launch BRIDGE Broward, a program aimed at dismantling capital barriers for small business owners in Florida. By funneling funds through the nonprofit lender Ascendus, the initiative seeks to replace traditional credit hurdles with accessible microloans and professional financial guidance.

The BRIDGE Broward program—an acronym for Broward Resources for Inclusive Development & Growth for Entrepreneurs—will deploy $900,000 in direct loans to an estimated 36 local businesses. Beyond the capital infusion, the program mandates a hands-on coaching component. Ascendus will collaborate with Prospera, Hispanic Unity of Florida, and the Urban League’s Central County Community Development Corporation to provide the technical expertise necessary for long-term financial stability.

For entrepreneurs who fall outside the reach of conventional bank financing, the program offers microloans ranging from $500 to $100,000 and lines of credit reaching $50,000 at a 13.99% fixed rate. Organizers anticipate that the initiative will support the creation or retention of roughly 160 jobs across the county. This strategy reflects a broader move to bolster small businesses as they contend with tightening credit markets and rising operational costs in South Florida.