Wells Fargo Introduces Small Businesses to Alternative Options for Financing and Technical Assistance
April 19 2022 - 12:00PM
Business Wire
Company collaborates with Community Reinvestment Fund, USA to
continue the support of small business recovery from the
pandemic
Today, Wells Fargo announces the Small Business Resource
Navigator, an online portal helping connect small business owners
to potential financing options and technical assistance through
Community Development Financial Institutions (CDFIs) across the
country. The portal was launched in collaboration with the
non-profit Community Reinvestment Fund, USA, and was made possible
by the Wells Fargo Open for Business Fund. By visiting
www.bizresourcenavigator.com and completing a short questionnaire,
small businesses may be connected to CDFIs or business advisory
resources in their area.
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Wells Fargo Introduces Small Businesses
to Alternative Options for Financing and Technical Assistance
(Photo: Wells Fargo)
“As the uncertainties of the COVID-19 pandemic persist, small
businesses continue to need our help,” said Derek Ellington, head
of Small Business at Wells Fargo. “We see a lot of value in
supporting a resource like this to help small businesses connect to
as many options as possible. The Small Business Resource Navigator
connects small business owners to potential capital assistance
provided by a CDFI who could help meet their needs, and serves as a
major time saver for busy entrepreneurs allowing them to stay
focused on their business.”
Since 2015, Wells Fargo has provided more than $500 million in
philanthropic grants and investments to CDFIs that help underserved
small businesses. Ellington added, “We’ve long understood the
impact of CDFIs. They are an important part of our financial
ecosystem embedded in communities across America providing small
businesses in need with capital and other assistance they may not
otherwise qualify for through traditional financing. We are proud
to expand our support of the work CDFIs do by helping route small
businesses to these vital organizations for lending, technical
assistance and support.”
"Wells Fargo has been dedicated to helping small businesses for
many years, but in particular, getting them through the current
environment,” says Patrick Davis, SVP of Strategy with Community
Reinvestment Fund, USA. "This support is extremely timely as it
helps connect small businesses with CDFIs who can potentially
provide them access to funding and resources that will help owners
get back on their feet. CDFIs are an important part of the
financial ecosystem and play a critical role in deploying capital
to small businesses with a history of underrepresentation, and it's
great to see that Wells Fargo is so committed to the success of
small business across the U.S.”
In 2020, Wells Fargo announced the Open for Business Fund, a
roughly $420 million small business relief effort focused on small
businesses hardest hit by COVID-19, including Black,
African-American, Hispanic, Asian, Native American, women and many
others. Grants were awarded to more than 235 CDFIs and nonprofits
serving small businesses across the U.S. The Open for Business Fund
is estimated to serve more than 152,000 small businesses and
preserve or create more than 255,000 jobs. Roughly 85% of small
businesses served by Open for Business Fund grantees are projected
to reach racially and ethnically diverse entrepreneurs.
Ann Finnegan, president of NDC Community Impact Loan Fund, an
Open for Business Fund grant recipient and participating CDFI on
the Small Business Resource Navigator network says, “We are excited
for the opportunity to connect with more small businesses in need.
This platform is an important tool to support our lending mission
to minority and women-owned small businesses and non-profits.”
For more information about Wells Fargo’s work with small
businesses, visit www.wellsfargo.com/impact.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is a leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the “Forward-Looking Statements” discussion
in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well
as to Wells Fargo’s other reports filed with the Securities and
Exchange Commission, including the discussion under “Risk Factors”
in our Annual Report on Form 10-K for the year ended December 31,
2018, available on its website at www.sec.gov.
News Release Category: WF-SB
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version on businesswire.com: https://www.businesswire.com/news/home/20220419005742/en/
Media Allison Vail allison.vail@wellsfargo.com
704-770-8374
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