$200,000 Grant Awarded To Portland-Based Small Business Consultancy

PORTLAND, OR — Nearly a dozen struggling entrepreneurs in Oregon and Southwest Washington were given new hope this month when Wells Fargo awarded a $200,000 grant to Micro Enterprise Services of Oregon (MESO), according to bank officials.

The grant — designed to help MESO provide technical assistance, credit enhancements, and financing to start or expand new and growing businesses — is one of many being doled out by Wells Fargo as it works to support community development financial institutions, like MESO, bolster small businesses. In a statement released Thursday, bank officials said a total of $75 million will be distributed over three years through the bank's six-round Diverse Community Capital program.

"We believe helping small businesses succeed means getting creative in how we support their growth," Wells Fargo Regional President Tracy Curtis said in a statement. "By connecting with organizations such as MESO, we believe we can have a much greater impact on these entrepreneurs and our communities than if we were each working on our own."

MESO, a Portland-based small business consultancy, will reportedly use the grant to provide loans and establish required business training classes for its clients. The loans, MESO Executive Director Nita Shah told Patch Thursday, will range in value from $250 to $5,000 and be awarded to at least nine entrepreneurs in Northeast Portland.

The entrepreneurs MESO assists might not otherwise qualify for loans from traditional banking institutions, Shah said, because they're either still in a startup phase, have no collateral to speak of, or have experienced previous credit challenges — which is also part of the reason the 10- to 12-hour business training classes are required for entrepreneurs who receive MESO loans.

"Our whole goal is to make (small businesses) bankable, and to help them grow," Shah said. "We've had clients come from nothing that now make $1 million. They've created so many jobs … it's really amazing."

From its offices in Beaverton, Gresham, Portland, and St. Helens, MESO serves clients in nine diverse Oregon counties as well as Clark County, Wash., officials said.

"We appreciate the confidence Wells Fargo has shown in our organization," Shah said. "Receiving a grant from a national financial services company such as Wells Fargo increases our credibility as an organization, which will help us attract funding from other sources."

For more information about MESO's services, call 503-841-3351, or visit mesopdx.org.

Photo Courtesy: Wells Fargo