Wells Fargo Donates $ 20 Million to Strengthen Charlotte’s Small Businesses

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vGrant to Foundation For The Carolinas to distribute as grants, not loans, to approximately 1,000 small business owners

Northampton, MA – News Direct – Wells Fargo

Tracey Greene-Washington and Edmund Washington, co-owners of No Grease, Inc., a luxury men’s hair salon in North Carolina

December 2, 2021 / 3BL Media / – Wells Fargo announced a $ 20 million donation to the Foundation For The Carolinas to help Charlotte small business owners own more of their business assets, such as property, equipment and technology. The Carolinas Foundation will distribute the funding in the form of grants that do not need to be repaid, with the goal of helping entrepreneurs build wealth through their businesses without taking on more debt. Funding will reach a thousand small businesses planned in Charlotte over the next three years.

Three in four small business owners (74%) say owning their physical assets, or improving the equity in their assets, is a top priority, and 57% think owning all of their physical assets without debt would dramatically improve the financial health of their business. , according to a survey carried out in 2021 by Morning Consult.

The donation comes from the Wells Fargo Open for Business Fund, an estimated $ 420 million national small business stimulus effort focusing on small business owners of diverse racial and ethnic backgrounds who have been affected by disproportionately by the pandemic. Wells Fargo established the Open for Business Fund in July 2020 by donating the gross processing fees generated by administering the Paycheck Protection Program Loans in 2020. Wells Fargo has worked with Community Development Financial Institutions (CDFI) and local nonprofit organizations to distribute funds across the nation.

“Helping small businesses persevere during the pandemic has been an important goal of Wells Fargo, and the structure of this donation – which the Foundation For The Carolinas will distribute in grants, not loans – is intended to maximize its impact.” , said Charlie Scharf, CEO of Wells Fargo. “This grant is one of the largest we have made since we created the Open for Business Fund. We’re proud to do this in Charlotte, where Wells Fargo has more employees than any other city, and to do it with important local partners. We look forward to replicating this model in other cities next year.

“Small businesses play an important role in Charlotte’s economy and it is a benefit for our city to provide all the tools necessary to help them succeed,” said Charlotte Mayor Vi Lyles. “This Wells Fargo grant program will allow small business owners to innovate, grow and evolve in a way that enhances their investments while maintaining our reputation as a great place for economic development and business growth. ‘business.”

Starting in 2022, Foundation For The Carolinas plans to distribute funds with a focus on:

  • Starting new businesses – Support people currently working with start-up capital to formalize their small business, such as a painter who is ready to buy a van, ladders and equipment, or those who are changing careers and starting a small business for the first time .

  • Stabilize businesses – Providing capital to established small businesses that need to stabilize in the wake of the pandemic, such as a restaurant that wants to buy its retail location to avoid rising rents.

  • Accelerate Business Expansion – Work with successful small businesses to expand locations or increase production / storage capacity, such as a business that needs to purchase a warehouse to store inventory.

“A variety of small business owners play a critical role in spurring innovation and building a thriving economy by creating salaried jobs for families, establishing a strong tax base, and stimulating asset building in communities. local communities, ”said Tracey Greene-Washington, co-owner with her. her husband Edmund Washington, of No Grease, Inc., a luxury men’s barber shop in Charlotte that benefited from Wells Fargo’s Open for Business Fund program and opened another location earlier this year. “We believe that diverse small business owners occupy a unique position as leaders, opinion partners and drivers of economic innovation and are ready to play an important role in tackling economic mobility, the wealth gap. racialism and the catalysis of generational wealth, all critical and complex issues. that needs to be addressed for communities to be competitive and leaders in the global economy.

“Time and time again, Wells Fargo has proven to be a pillar of leadership and generosity in Charlotte,” said Michael Marsicano, President and CEO, Foundation For The Carolinas. “Today, the company takes this tradition even higher. This cutting-edge grant program will reshape the way American society overcomes decades of systemic inequity and racism. It does this by building the financial muscle of countless small business owners and entrepreneurs who have also been devastated by the pandemic. In keeping with the Mayor’s Racial Equity Initiative, this generous donation from Wells Fargo brings us one step closer to achieving our vision that Charlotte sets the standard as an American city for achieving racial equity and social justice. .

For more information on this new program, visit Foundation For The Carolinas at fftc.org/WellsFargoGrants.

Until October 31, 2021, the Open for Business Fund would have reached over 150,000 small business owners and helped protect around 250,000 jobs. Wells Fargo also offers a Small Business Resource Center where entrepreneurs can explore business planning, financing considerations, and practical advice.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $ 1.9 trillion in assets, proudly serving one in three US households and over 10% of small businesses in the US , and is the leading mid-market banking provider. in the United States We offer a diverse set of banking, investment and mortgage products and services, as well as consumer and trade finance, through our four featured operating segments: banking and home credit. consumption, commercial banking, corporate and investment banking, and wealth and investment management Management. Wells Fargo is ranked 37th in the Fortune 2021 ranking of America’s largest companies. In the communities we serve, the business is focusing its social impact on building a sustainable and inclusive future for all by supporting housing affordability, small business growth, financial health and a low-emission economy. carbon. Wells Fargo news, ideas and insights are also available at Wells Fargo Stories.

Additional information can be found at www.wellsfargo.com | Twitter: @Wells fargo.

This survey was conducted by Morning Consult and commissioned by Wells Fargo. Interviews were conducted online between November 9 and 15, 2021 with a sample of 506 respondents who hold managerial positions in small companies (defined as companies with between 1 and 500 employees). The sample was weighted by region to reflect the national population census. The results of the full survey have a margin of error of plus or minus 4 percentage points.

See additional media and more ESG stories from Wells Fargo at 3blmedia.com

See the source version on newsdirect.com: https://newsdirect.com/news/wells-fargo-donates-20-million-to-strengthen-small-businesses-in-charlotte-509282373



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