The Woodlands, TX (January 9, 2024) — DreamSpring, a nonprofit Community Development Financial Institution (CDFI) and Small Business Administration (SBA) lender, and Woodforest National Bank® (Woodforest), a national bank with over 760 branches across 17 states, are working together to provide access to $1.5 million in debt capital to low- and moderate-income (LMI) small business entrepreneurs. The influx of lending capital from Woodforest to DreamSpring is a milestone in their shared commitment to spur community development and job creation through expanding peer networks and increasing access to capital.
"Our collaboration with Woodforest widens the path for entrepreneurs to access much-needed capital and business resources,” said Anne Haines, President and CEO of DreamSpring. “With Woodforest at our side, DreamSpring continues to expand our capacity to help small business owners realize their dreams and build stronger, more resilient communities through entrepreneurship."
DreamSpring and Woodforest National Bank are working together to provide access to $1.5 million in debt capital to low- and moderate-income small business entrepreneurs. From left to right: Jesus Cisneros (Community Development Relationship Manager II, AVP for Woodforest National Bank), Shaundra Jacobs (DreamSpring Community Engagement Officer), Alice Rodriguez (DreamSpring Board Member), Taylor Simoné (DreamSpring Client and Owner of Touch-n-Skin), and Ross Carter Folkenroth (Vice President of Community Development for Woodforest National Bank).
Daniel Galindo, Senior Vice President & Director of the CRA Program & Strategic Initiatives at Woodforest National Bank added, “Working with a strong CDFI like DreamSpring combines both organizations’ financial strengths to provide access to LMI small business owners who struggle to get the funds they need to run and grow their business, which is a key focus 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 grow their businesses across 10 shared states in DreamSpring and Woodforest’s national footprints: Alabama, Florida, Georgia, Illinois, Louisiana, Mississippi, North Carolina, New York, South Carolina, and Texas.
The agreement between DreamSpring and Woodforest also strengthens the teams’ vision to expand peer networks across their shared footprint to provide more resources for small business owners.
For instance, in South Dallas, both organizations have embraced the Office of the Comptroller of the Currency's (OCC) acclaimed Dallas REACh initiative, aimed at increasing LMI access to capital. Woodforest facilitated DreamSpring's connection to the monthly Dallas REACh roundtable, bringing together banks, CDFIs, and community stakeholders and leaders. This collaboration has resulted in a greater network of support in South Dallas, enriching the local small business ecosystem.
One South Dallas-based small business owner who has felt the life-changing impact of capital is Taylor Symoné. Her small day spa business offers beauty and hair treatments, therapeutic post-operative care, massages, and facials. When she was first getting started, Taylor remembers calling about 15 financial institutions and feeling frustrated every time by the paperwork needed for a small loan, as well as rigid requirements for only helping businesses with at least two years of operational history. DreamSpring was different. Taylor has since repaid three DreamSpring loans to fuel her business growth and create even more opportunities for her family.
“I'm really big on generational wealth,” says Taylor. “I like to teach my kids about being their own boss, being the star of their own show, and learning and understanding that you can create your own passageway — you just have to want to.”
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 credit-building small business loans, lines of credit, SBA 7(a) loans, and commercial real estate loans in 27 states to level the playing field by bridging credit and knowledge gaps that hinder economic mobility.
About DreamSpring
DreamSpring is a nonprofit Community Development Financial Institution (CDFI) and U.S. Small Business Administration (SBA) lender dedicated to accelerating the economic inclusion and strength of underserved communities. Founded in 1994, the organization provides rapid access to capital and customized wrap-around support to the most vulnerable small business owners in 27 states, focusing on communities including people of color, women, low- to moderate-income earners, people with disabilities, and start-ups. To date, DreamSpring has issued more than 48,796 loans totaling over $538 million to small businesses that support an estimated 65,138 jobs. Learn more at DreamSpring.org.
About Woodforest National Bank
Celebrating over 40 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 760 branches in 17 states across the United States and is an Outstanding CRA rated institution. For more information about Woodforest National Bank, please visit woodforest.com. Member FDIC. An equal opportunity employer.