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.
Black History
Emeline King: A Trailblazer in the Automotive Industry
Emeline King is recognized as the first African American female transportation designer at the Ford Motor Company. Let’s take a look at her life and career at the Ford Motor Company.
By Tamara Shiloh
Emeline King is recognized as the first African American female transportation designer at the Ford Motor Company.
Let’s take a look at her life and career at the Ford Motor Company.
King’s fascination with cars began during her childhood. Growing up, she was captivated by the sleek designs and mechanical complexities of automobiles. She loved playing with toy cars and considered it an insult if anyone gave her a doll.
King pursued her interest in cars by studying at the ArtCenter College of Design in Pasadena. There, she improved her skills in transportation design, gaining the technical expertise and artistic vision she needed to break into the male-dominated industry.
However, her true inspiration came from her father, Earnest O. King, Sr., who worked for Ford as a Fabrication Specialist. She remembered the father-daughter trips to the auto shows, and the Saturday mornings with the famous Black sculptor, Oscar Graves, who her father assisted in some of his commissioned art works.
She said Graves would mentor her in clay relief sculptures. She was always fascinated by the smell of clay that was a constant in his studio.
However, it was her first visit to her father’s job that became the catalyst for King to want a career in transportation design. At the company’s annual employee Christmas parties, she got the chance to meet his co-workers and learned about the roles they played in the auto industry. It was a chance to see some great cars, too.
Her career at Ford began in the 1980s, when women — particularly women of color –were scarcely represented in the automotive industry. King’s role at Ford was groundbreaking, as she became the first African American woman to work as a transportation designer at the company.
At Ford Design, she worked on the Ford Mustang SN-95’s interior. She also made several design contributions on other vehicles, too, including the interior components of the 1989 Thunderbird, the 1989 Corporate Steering Wheel, the 1989 Thunderbird Wheel/Wheel cover design program, the 1990 Thunderbird Super Coupe, the 1993 Mach III, the 1994 Mustang, to name a few.
King also served three foreign assignments: Turin Italy; Koln, Germany; and Brentwood, Essex, England — designing Ford cars for Europe.
Leaving Ford after about 25 years of service and along with her many speaking engagements, she wrote an autobiography about being Ford’s first female African American transportation designer titled, “What Do You Mean A Black Girl Can’t Design Cars? She Did It!”
She’s quoted as saying, “I’m now so proud to have written a book that I hope will inspire young girls and boys to never give up. To influence them so that they can stay focused and alert, and so they never look back. There are mentors who are placed in our lives to serve as our ‘Bridges to Destinations’ and allow us to cross over them to reach our dreams. Hoping they gain inspiration from my book, my motto for them is simple: ‘OPPORTUNITY IS NOW, SO GRAB IT! IF I DID IT, SO CAN YOU!”
Activism
OCCUR Hosts “Faith Forward” Conference in Oakland
The conference featured Congresswoman-elect Lateefah Simon, who will begin her term representing California’s 12th Congressional District in the U.S. House of Representatives in January.
Simon was honored with a special recognition from OCCUR for her civic and nonprofit leadership.
By Carla Thomas
The Oakland Citizens Committee for Urban Renewal (OCCUR) hosted its Faith Forward 2024 Conference on Nov. 8 at Resurrection Church in Oakland.
The conference featured Congresswoman-elect Lateefah Simon, who will begin her term representing California’s 12th Congressional District in the U.S. House of Representatives in January.
Simon was honored with a special recognition from OCCUR for her civic and nonprofit leadership. During her remarks, She commended nonprofits making a difference, and shared how she looked forward to representing Oakland and surrounding areas.
Simon also encouraged attendees to continue fighting despite their concerns about the presidential election results. She also cautioned that there may be resources that are discontinued as a result.
“We know the assignment. We have many of the resources right within our own community, and we will be ok,” Simon assured the audience.
The conference led by OCCUR president, Dr. David B. Franklin, also featured panels on funding opportunities, case studies, economic development, sustainable housing solutions, and organizing for action.
“In order for organizations serving the community to thrive, everyone must collaborate, share resources, and not operate in silos,” said Franklin.
Speakers included San Francisco Foundation CEO, Fred Blackwell, San Francisco Foundation FAITHS Program Director Dr. Michelle Chambers, and Kingmakers of Oakland Founder, Chris Chatmon. Guests were briefed on how Kingmakers of Oakland has gone from a budget of zero to several million and is set to acquire 200 acres of property to expand their programs serving young boys. The leadership at the San Francisco Foundation encouraged nonprofits, churches, and community leaders to work together, especially when donations and funding numbers are lower.
Ben Bartlett of Berkeley City Council; Trevor Parham, CEO of Oakstop; and CEO of the Lao Family Community Development, Inc., Kathy Chao Rothberg, inspired attendees with stories about their journeys in the nonprofit sector.
Additional speakers included Deka Dike, CEO of Omatachi; Landis Green, CEO of DGS Strategies; Sasha Werblin, Director of Economic Development, LISC Bay Area; Oakland City Councilmember Treva Reid; Faith and Justice Organizer of East Bay Housing Organizations, Ronnie Boyd; and Todd Bendon, Executive Director of Faith in Action East Bay; among others.
The event allowed community leaders, faith-based leaders, and nonprofits to gain Insight on how to strengthen their profits financially, and communally.
OCCUR has served the community for over 70 years supporting the wellbeing of historically marginalized communities with collaborative strategies. For more information visit occurnow.org
Activism
Bank of America Grants $200,000 to Richmond Housing Nonprofit
RNHS has provided housing services to Richmond residents since 1981. The organization develops, acquires, and/or rehabilitates single-family homes and housing developments in blighted or vacant lots in order to make them available as affordable homes for rent or purchase to low-income families.
The Richmond Standard
Richmond Neighborhood Housing Services, Inc. (RNHS) was one of two Bay Area nonprofits awarded a $200,000 grant over two years from Bank of America’s Neighborhood Builders program.
RNHS has provided housing services to Richmond residents since 1981. The organization develops, acquires, and/or rehabilitates single-family homes and housing developments in blighted or vacant lots in order to make them available as affordable homes for rent or purchase to low-income families.
The nonprofit also serves residents through education programs involving financial literacy programs, home loans, foreclosure prevention, and affordable rental counseling.
RNHS plans to use the $200,000 Bank of America grant to hire leadership staff, and to expand its Emerging Developers Program and Restoring Neighborhoods Program.
Through this grant program, RNHS will also benefit from comprehensive leadership training for its executive director and an emerging leader.
Since the Neighborhood Builders program’s inception in 2004, 59 nonprofits have been selected in San Francisco and the East Bay, with the bank investing nearly $12 million in philanthropic capital into these local organizations.
Along with RNHS, San Francisco-based mental health nonprofit RAMS also won a $200,000 grant this year.
“We’re proud to include RAMS and RNHS as the 2024 Neighborhood Builders,” said Gioia McCarthy, president of Bank of America San Francisco-East Bay. “Countless individuals, families and neighborhoods have felt the profound impact that these 59 Neighborhood Builder nonprofits have had in our area over the past two decades.”
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