Wells Fargo Invests in Six Black-Owned Banks
By Sentinel News Service
Investment is part of a $50 million pledge to help minority institutions and the bank’s larger commitment to foster an inclusive recovery
“Wells Fargo’s financial commitments are in the form of critical equity capital, which is foundational to the MDIs’ ability to expand lending and deposit-taking capacity in their communities. Courtesy Photo.
Wells Fargo today announced equity investments in six African American Minority Depository Institutions (MDIs) as part of its March 10, 2020, pledge to invest up to $50 million in Black-owned banks. As part of the capital investment, the banks will have access to a dedicated Wells Fargo relationship team that will provide financial, technological, and product development expertise in order to help each institution grow and benefit their local community. In the ongoing pandemic, communities of color have been disproportionately impacted, and this investment
Originally published on February 11, 2021 5:19 am
When Black business owner Jennifer Kelly applied for an emergency loan for small businesses through a major bank last spring, she found herself shut out.
Kelly, who runs a clinical psychology practice outside Atlanta, was not the only one. Businesses owned by Blacks and Latinos were often at the back of the line last year as the government rushed out hundreds of billions of dollars in Paycheck Protection Program loans. The money was intended to help small businesses keep their workers on the payroll during the pandemic. It was almost as if, when I needed them, they were not available to me, Kelly said. Clearly, I m not a big business. But I m a small business. And to me, we re the fabric of America.
Black-owned businesses were often at the back of the line when the first coronavirus relief loans were doled out. Now, some are turning to banks that specialize in minority firms for help.
Black-owned businesses were often at the back of the line when the first coronavirus relief loans were doled out. Now, some are turning to banks that specialize in minority firms for help.