Woodforest National Bank Lends $1.5 Milllion to Dreamspring CDFI For MicroLoans

The Woodforest National Bank loan allows DreamSpring to provide microloans across 10 shared footprint states: Alabama, Florida, Georgia, Illinois, Louisiana, Mississippi, North Carolina, New York, South Carolina, and Texas.

“Our collaboration with Woodforest widens the path for entrepreneurs to access much-needed capital and business resources,” says 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.”

Daniel Galindo, Senior Vice President & Director of the CRA Program & Strategic Initiatives at Woodforest National Bank adds, “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.”

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.”