Business

Wells Fargo Launches $400 Million Small Business Recovery Effort

Published

5 years ago

July 17, 2020

Following an April 2020 industry-leading commitment to donate all gross processing fees from the Paycheck Protection Program, on Thursday Wells Fargo unveiled the details of an approximately $400 million effort to help small businesses impacted by the ongoing COVID-19 pandemic keep their doors open, retain employees, and rebuild.

Through Wells Fargo’s new Open for Business Fund, the company will engage nonprofit organizations to provide capital, technical support, and long-term resiliency programs to small businesses with an emphasis on those that are minority-owned.

Through June 30, Wells Fargo funded loans under the PPP for more than 179,000 customers, with an average loan amount of $56,000, totaling $10.1 billion. Of the loans made, 84% of those are for companies that have fewer than 10 employees; 60% were for amounts of $25,000 or less; and, 90% of these applicants had $2 million or less in annual revenue.

Given the federal government’s extension of the PPP, Wells Fargo will reopen its PPP loan application process to eligible customers as soon as possible through a link in Business Online Banking® or CEO®.

“By donating approximately $400 million in processing fees to assist small businesses in need, Wells Fargo’s Open for Business Fund creates opportunities for near-term access to capital and addresses the road ahead to meaningful economic recovery, especially for Black and African American entrepreneurs and other minority-owned businesses,” said Wells Fargo CEO Charlie Scharf. “Wells Fargo is committed to helping small businesses impacted by COVID-19 stay open and get back to growth.”

According to data from Wells Fargo’s June Gallup/Small Business Index, more than half of small business owners surveyed expect either stagnant or decreasing revenues in the coming 12 months.

The Open for Business Fund’s initial grants will allocate $28 million to Community Development Financial Institutions (CDFIs), also known as nonprofit community lenders, aimed at empowering Black and African American-owned small businesses, which are closing at nearly twice the rate of the industry, according to the National Bureau of Economic Research. Among the first grantees:

∙ Expanding Black Business Credit Initiative (EBBC) will support the launch of the Black Vision Fund to increase the flow of capital to Black-focused CDFIs for transformational work to close the racial wealth gap in African American communities. The CDFIs will also receive capital for urgent deployment to impacted businesses in the Mid- Atlantic, Southeast, and Midwest.

∙ Local Initiatives Support Corporation (LISC) will provide grants and low-cost capital to more than 2,800 entrepreneurs with a focus on preventing loss in revenue, sustaining employment, and averting vacancies among vulnerable small business owners in urban and rural markets nationwide.

“Black businesses have faced the largest shutdown of any diverse group in the country,” said Ron Busby, Sr., CEO of U.S. Black Chambers, Inc. “We lost 41%, or 450,000 Black-owned small businesses, in this pandemic so far and all of those businesses provided jobs so we need to accelerate an economic agenda that helps them recover.

“The funding that Wells Fargo is putting back into Black businesses and other minority-owned small businesses across the country is truly going to be appreciated and will give the kick start entrepreneurs need to continue and grow. ”

Beginning Thursday, the Open for Business Fund is accepting applications from CDFIs and special purpose funds formed by CDFIs serving racially and ethnically diverse small businesses for its first grant cycle, open now through August 7.

Additional grant cycles focused on technical assistance and recovery and resiliency will open later this year. Nonprofits can learn more atwww.wellsfargo.com/about/corporate-responsibility/community-giving.

Edith Rocío Robles is an assistant vice president Corporate Communications at Wells Fargo.

By Edith Rocío Robles

Edith Rocío Robles is an assistant vice president Corporate Communications at Wells Fargo.

Posts by By Edith Rocío Robles

Activism

Oak Temple Hill Hosts Interfaith Leaders from Across the Bay Area

Distinguished faith leaders Rev. Ken Chambers, executive director the Interfaith Council of Alameda County (ICAC); Michael Pappas, executive director of the San Francisco Interfaith Council; and Dr. Ejaz Naqzi, president of the Contra Costa County Interfaith Council addressed the group on key issues including homelessness, food insecurity, immigration, and meaningful opportunities to care for individuals and communities in need.

Published

3 days ago

June 14, 2025

Oakland Post

Troy McCombs (from the state of Washington), Elder Mark Mortensen (from Irvine, CA), Michael Pappas, Rev. Ken Chambers, Dr. Ejaz Naqvi, Elder Sigfried Nauman (from the state of Washington), and Richard Kopf. Courtesy photo.

Special to the Post

Interfaith leaders from the Bay Area participated in a panel discussion at the annual meeting of communication leaders from The Church of Jesus Christ of Latter-day Saints held on Temple Hill in Oakland on May 31. Distinguished faith leaders Rev. Ken Chambers, executive director the Interfaith Council of Alameda County (ICAC); Michael Pappas, executive director of the San Francisco Interfaith Council; and Dr. Ejaz Naqzi, president of the Contra Costa County Interfaith Council addressed the group on key issues including homelessness, food insecurity, immigration, and meaningful opportunities to care for individuals and communities in need.

Chambers, said he is thankful for the leadership and support of the Church of Jesus Christ Latter-Day Saints’ global ministry, which recently worked with the interfaith congregations of ICAC to help Yasjmine Oeveraas a homeless Norwegian mother and her family find shelter and access to government services.

Oeveraas told the story of how she was assisted by ICAC to the Oakland Post. “I’m a Norwegian citizen who escaped an abusive marriage with nowhere to go. We’ve been homeless in Florida since January 2024. Recently, we came to California for my son’s passport, but my plan to drive for Uber fell through, leaving us homeless again. Through 2-1-1, I was connected to Rev. Ken Chambers, pastor of the West Side Missionary Baptist Church and president of the Interfaith Council of Alameda County, and his car park program, which changed our lives. We spent about a week-and-a-half living in our car before being blessed with a trailer. After four years of uncertainty and 18 months of homelessness, this program has given us stability and hope again.

“Now, both my son and I have the opportunity to continue our education. I’m pursuing cyber analytics, something I couldn’t do while living in the car. My son can also complete his education, which is a huge relief. This program has given us the space to focus and regain our dignity. I am working harder than ever to reach my goals and give back to others in need.”

Richard Kopf, communication director for The Church of Jesus Christ in the Bay Area stated: “As followers of Jesus Christ, we embrace interfaith cooperation and are united in our efforts to show God’s love for all of his children.”

Oakland Post

Posts by Oakland Post

Alameda County

Council Approves Budget to Invest in Core City Services, Save Fire Stations, Invest in Economic Development

I am most proud of our ability to fund these critical city services without the use of one-time fixes. We are still suffering the consequences of last year’s budget, where a majority of the Council, myself not included, chose to incorporate anticipated proceeds from the sale of the Coliseum to fund essential services. Since the sale has still not yet been completed, the lack of funds led to drastic cuts in city services, including the temporary closure of fire stations, staff layoffs, and the cancellations of many service contracts.

Published

3 days ago

June 14, 2025

Oakland Post

District 4 Oakland City Councilmember Janani Ramachandran. Photo courtesy City of Oakland.

By Janani Ramachandran, District 4 Oakland City Councilmember

On Wednesday, June 11, City Council took a bold step to prioritize investing in essential city services to get our beautiful Town back on track. As Chair of the Finance Committee, I am proud to have led a collaborative process, alongside Councilmembers Rowena Brown, Zac Unger, and Charlene Wang, to develop a set of amendments to the proposed FY 2025-2027 budget which passed successfully with a vote of 6 – 1. Despite facing a $265 million structural budget deficit, we were able to restore funding to ensure that all 25 fire stations remain open, fund 5 police academies, invest millions of dollars to combat illegal dumping and sideshow prevention, improve our permitting processes, fund a “business incentives” program to revitalize our commercial corridors, improve upon our homelessness prevention work, amplify the city’s anti-trafficking programs, re-instate our tree services division, staff up our Auditor’s office – all while preventing any layoffs of city staff, keeping our senior centers and after-school programs open, and crisis services like MACRO funded.

Our budget comes in response to the widespread and consistent calls from across Oakland’s diverse communities asking us to prioritize funding solutions to the issues that have most directly impacted our residents’ safety and quality of life. Our priorities are also inspired by our belief that Oakland is on the way not only to financial recovery, but also to global recognition. Oakland can attract and preserve businesses of all sizes with safer, cleaner streets. We can and will have more large-scale festivals that celebrate our culture, concerts that uplift our incredible local musicians, conferences that attract patrons from across the world, and award-winning restaurants that top national charts. We are on our way to rebuilding a thriving economy and having a cultural renaissance will create more jobs for Oaklanders while also generating more revenue for the City through sales and business taxes.

I am grateful for the close partnership with our new Mayor Barbara Lee, and know that she shares our values of ensuring we are prioritizing keeping Oakland’s residents safe, our streets clean, and our businesses prosperous in an open and fiscally responsible manner. I am also thankful to our City Administrator, Jestin Johnson, and former Interim Mayor Kevin Jenkins’ efforts to produce the initial proposal that our Council budget team used as a starting point for our amendments, and for their shared commitment to transparency and ethical government. I am especially grateful for every resident that took the time to make their voice heard throughout this rigorous budget process. I have no doubt that we are on the verge of true change, and that together we will bring Oakland back to being the world-class city I know it can be.