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The past 12 months have proven the resiliency and resolve of 30 million small businesses across the U.S. as they make a way to stay open day after day. Wells Fargo recognizes the importance of America’s small businesses for local communities and the broader national economy and the company continues to provide them with access to the capital and resources they need to weather the economic fallout of the COVID-19 pandemic. Wells Fargo created the Open for Business Fund in July 2020, donating roughly $420 million to help small businesses recover and rebuild. The Open for Business Fund supports community development financial institutions, or CDFIs, and other nonprofits that provide needed capital, technical support, and long-term resiliency programs for small businesses, including racially and ethnically diverse owners who have been disproportionately impacted by the pandemic. ....
Wells Fargo bank front. Image: Youtube/CNBC The multinational bank Wells Fargo has announced a $2.6 million small business recovery grant to assist minority owned businesses in Southern California affected by the coronavirus pandemic. The Los Angeles Daily News reports the fund is part of Wells Fargo’s Open For Business Fund Program. The program is part of a $400 million small business recovery effort to help entrepreneurs recover from the economic effects of the coronavirus. The Pacific Coast Regional Small Business Development Corp. has received $2.1 million from the program and will use it to establish a People of Color Business Elevation Fund to help businesses by providing low-rate micro disaster loans of up to $50,000 to eligible small businesses. ....