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Wells Fargo Bank N.A. News
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Small Business Recovery Effort
July 13, 2020
Small Business Recovery Effort. Small businesses across the U.S. are facing an unprecedented economic impact due to COVID-19. As our state reopens, New Jersey businesses face unfamiliar circumstances. This is particularly the case for racially and ethnically diverse owned businesses. In fact, Black and African American owned businesses are reporting closures at twice the rate of other larger small business sector. Wells Fargo Open for Business Fund Back in April, Wells Fargo CEO Charlie Scharf announced that Wells Fargo would donate all of its Paycheck Protection Program (PPP) processing fees back to nonprofits serving the small business community � the first major bank to do so. To help accelerate the recovery of small businesses, yesterday we announced that Wells Fargo will donate approximately $400 million in gross processing fees from the Paycheck Protection Program (PPP) to help small businesses keep their doors open, retain employees, and rebuild through a new Open for Business Fund. This new fund will engage nonprofits serving diverse small businesses in three areas: capital, technical assistance and long-term recovery/resiliency. As part of the first phase of the Wells Fargo's new Open for Business Fund, the application is now open for Community Development Financial Institutions (CDFIs) supporting diverse businesses. Local CDFIs can use these funds to provide racially and ethnically diverse business, in particular, access to capital to help them reopen or stay open and sustain jobs. This effort builds on the previous Wells Fargo COVID-19 relief response, through which the Wells Fargo Foundation has already awarded over 400 grants to nonprofits serving small businesses, totaling more than $25 million since March 2020.to access Open for Business Fund, click here.
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