Business
Wells Fargo Launches $400 Million Small Business Recovery Effort
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.
Activism
Oakland Post: Week of January 1 – 7, 2025
The printed Weekly Edition of the Oakland Post: Week of January 1 – 7, 2025
To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.
Activism
2024 In Review: 7 Questions for the California Association of Black School Educators
CABSE members represent governmental agencies, charter schools and charter school organizations, public school districts, traditional public schools, and community colleges. The organization’s primary goal is to expand PK-14 educational opportunities for all students in California, with an emphasis on under-represented and under-served Black students.
By Edward Henderson, California Black Media
The California Association of Black School Educators (CABSE) is an organization consisting of elected and appointed school officials, administrators and instructors from across California who are committed to advancing equity for Black students.
CABSE members represent governmental agencies, charter schools and charter school organizations, public school districts, traditional public schools, and community colleges.
The organization’s primary goal is to expand PK-14 educational opportunities for all students in California, with an emphasis on under-represented and under-served Black students.
California Black Media (CBM) spoke with CABSE President Satra Zurita and Conference Chair Micah Ali about this year’s successes, disappointments, and plans for the organization coming into the new year.
Looking back at 2024, what stands out to you as your most important achievement and why?
Ali: I would have to say that two highlights have been the ongoing support of the Bill and Melinda Gates Foundation, Engie, and other sponsors that have enabled us to bring together like-minded education leaders twice a year to collectively advance innovative and meaningful strategies to achieve change on behalf of Black students across our state.
How did your leadership and investments contribute to improving the lives of Black Californians?
Zurita: CABSE’s leadership and investment in improving the education system for Black students in our great state has resulted in a long-standing focus on transforming public education and its response to Black students. By pulling from the very wisdom of those educators and leaders who care deeply about Black students and who are showing great promise through their efforts.
What frustrated you the most over the last year?
Zurita: Continuing to see the deep impact of COVID-19 Pandemic school site closures on students academically and emotionally — especially Black students. This makes our work and our advocacy more vital than ever.
CBM: What inspired you the most over the last year?
Zurita: Seeing our CABSE convenings grow in depth and breadth — our strategies, powerful content and reach.
What is one lesson you learned in 2024 that will inform your decision-making next year?
Ali: Our Blueprint for Education Equity is a crowd-sourced framework of strategies that have shown great promise for improving the education experiences and opportunities for Black students. In 2024, we developed an equity self-assessment tool for districts to use in evaluating their own efforts on behalf of Black students. Strategies are helping Black students.
In one word, what is the biggest challenge Black Californians face?
Zurita: Many Black students across our state are dealing with a host of challenges: homelessness, food insecurity, exposure to violence, not to mention bias remains a pervasive problem. To add to the challenge, educators are worn out, tired, and frustrated. We now need to think about how we can simultaneously inspire and empower students and educators alike. The system needs an overhaul.
What is the goal you want to achieve most in 2025?
Zurita: In 2025, we hope to stand CABSE up as a fully functioning non-profit organization engaged in research and policy design.
Ali: We also aim to deepen the content of our convenings, including adding a Math Track and what we are calling Social Determinants of Education Track to our annual conference and institute, which will address those social contexts that prevent Black students from realizing their potential as students.
Activism
Let’s Talk Health: Empowering Our Community with Health Literacy
At Covered California, we recognize that understanding health insurance is more than just choosing a plan –it’s about having the knowledge to make informed decisions that lead to healthier lives. That’s why this year’s open enrollment campaign, “Let’s Talk Health,” focuses on breaking down barriers and simplifying the complex language of health care.
By Dr. Monica Soni
Navigating health insurance can often feel overwhelming, especially for individuals and families who are new to the system or unsure about their options.
At Covered California, we recognize that understanding health insurance is more than just choosing a plan –it’s about having the knowledge to make informed decisions that lead to healthier lives. That’s why this year’s open enrollment campaign, “Let’s Talk Health,” focuses on breaking down barriers and simplifying the complex language of health care.
Health literacy is critical for achieving better outcomes, reducing disparities, and ensuring every African American and Black Californian — regardless of their income, ethnicity, or background — has access to quality care. By making health insurance simpler to understand, we empower individuals to access preventive services, manage chronic conditions, and avoid costly medical bills.
Breaking Barriers in African American and Black Communities
This year, “Let’s Talk Health” places a special focus on supporting African American and Black communities, where systemic inequities in health outcomes persist. These communities often face higher rates of chronic conditions and challenges in navigating the health care system. To address these disparities, Covered California partnered with trusted organizations to provide information, tips and resources.
In San Francisco, Andre Atkins, Director of Programs at Rafiki Coalition, led a dialogue with Dr. Kim Rhoads, Community Engagement Director at UCSF Helen Diller Family Comprehensive Cancer Center; Destiny Williams, Health and Wellness Program Manager at Rafiki Coalition; and myself.
These conversations play a vital role in the pursuit of health equity by sharing power and creating spaces where our community can learn, share experiences, ask questions and connect with advocates who work daily to understand their unique needs. Through these efforts, we reaffirm our dedication to fostering equity and inclusion in health care, ensuring that every voice is heard and supported.
Why Health Literacy Matters
Health literacy goes beyond understanding health care terms. It’s about empowerment. It equips individuals to make informed decisions, from choosing the right health plan to finding a provider to deliver preventive care and seeking mental health services. At Covered California, we provide tools and resources, such as side-by-side plan comparisons and financial assistance details, to ensure everyone can navigate their options confidently and access the care they need.
Taking the First Step
Whether you’re a student, part-time worker, family of four, open enrollment is your opportunity to prioritize your health and your future. This year’s open enrollment period runs from Nov. 1, 2024, to Jan. 31, 2025, and we’re here to assist you every step of the way.
Consumers must select a health plan by the Dec. 31 to receive coverage for the entire year, starting Jan. 1, 2025.
To find the plan that’s right for you, and take the first step toward a healthier tomorrow, visit CoveredCA.com and fill out the application yourself or put in your ZIP code and connect with a certified agent in your neighborhood who can guide you through your options. Together, we can break down barriers and ensure that all Californians have the tools to thrive.
Dr. Monica Soni, MD, is the Chief Medical Officer for Covered California, where she leads efforts in health equity, quality transformation, and clinical innovation. As a practicing board-certified internal medicine physician and health care leader with over a decade of experience, Dr. Soni is committed to improving affordability, access, and outcomes for all Californians.
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