Small Black Businesses Receive $20 Million Donation From Wells Fargo

Their goal is to help Atlanta Black businesses build assets.

Wells Fargo Open For Business Fund was created in July 2020 to assist small businesses keep their doors open during the pandemic. Their initiative moves forward by now donating $20 million to small Black businesses in Atlanta.

According to Black Enterprise, the goal is to primarily assist the businesses build assets and make physical upgrades. Their main focus is centered on Black and diverse-owned businesses impacted by COVID and its variants.

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Grants and loans would be dispersed by United Way of Greater Atlanta and Invest Atlanta.

Wells Fargo’s Open For Business Fund has an estimated $420 million value. Four initiatives are at focus: Small Business Loan Fund, Asset Building Assistance, Facade Improvement Grants and Commercial Ownership Growth.

“As a company, we have a commitment to make the communities where we operate stronger, and to do it at a very local level,” said Wells Fargo CEO Charlie Scharf. “Making a large donation in Atlanta — one of the largest donations we’ve made from the Open for Business Fund — was important to us. We know it will make a difference for small business owners here.”

Atlanta Mayor Andre Dickens, voiced his excitement for the new funds invested into Black entrepreneurship in the city. Further, he’s a former small business owner, too.

“This Wells Fargo grant program gives small business owners the opportunity to grow and expand by owning more of their own assets—which can be a game-changer for the financial health of any business,” Dickens stated. “As a former small business owner, I understand the vital role of small businesses in Atlanta’s economy and community, and we are excited to announce this program in the first few weeks of our new administration.”

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