Wells Fargo introduces alternative financing and technical support options to small businesses

SAN FRANCISCO–(BUSINESS WIRE). The portal was created in partnership with the non-profit Community Reinvestment Fund, USA, and made possible by the Wells Fargo Open for Business Fund. By visiting www.bizresourcenavigator.com and completing a short questionnaire, small businesses can be connected to CDFIs or business advisory resources in their area.

As the uncertainties of the COVID-19 pandemic continue, small businesses continue to need our help,” said Derek Ellington, Wells Fargo’s head of small business. “We see great value in supporting a resource like this to help small businesses connect with as many options as possible. The Small Business Resource Navigator connects small business owners to potential capital support from a CDFI that could help them meet their needs and serves as a great time saver for busy entrepreneurs as they can focus 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 have known the impact of CDFIs for a long time. They are an important part of our financial ecosystem, embedded in communities across America, providing capital and other support to small businesses in need that they might not otherwise qualify for through traditional financing. We are proud to expand our support for the work of the CDFIs by helping direct small businesses to these important organizations for credit, technical assistance and support.”

Wells Fargo has been committed to supporting small businesses for many years, but especially to getting them through the current environment,” said Patrick Davis, SVP of Strategy at Community Reinvestment Fund, USA. “This support is extremely timely as it helps connect small businesses with CDFIs who may be able to provide them with access to finance and resources to help owners get back on their feet. CDFIs are an important part of the financial ecosystem and play a critical role in providing capital to small businesses that have historically been underrepresented, and it’s great to see Wells Fargo’s commitment to small business success in the United States. ”

In 2020, Wells Fargo announced the Open for Business Fund, a approximately $420 million small business relief effort focused on small businesses hardest hit by COVID-19, including Black, African American, Hispanic, Asians, Indians, women and many others. Grants were awarded to more than 235 CDFIs and nonprofit organizations that support small businesses across the United States. It is estimated that the Open for Business Fund supports more than 152,000 small businesses and maintains or creates more than 255,000 jobs. Approximately 85% of the small businesses served by Open for Business Fund grantees are expected to reach racially and ethnically diverse entrepreneurs.

Ann Finnegan, President of the NDC Community Impact Loan Fund, Open for Business Fund grantee and participating CDFI in the Small Business Resource Navigator network, says: “We welcome the opportunity to connect with more small businesses in need. This platform is an important tool to support our lending to minority and women-owned small businesses and nonprofits.”

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 with approximately $1.9 trillion in assets, proudly serving one in three U.S. households and more than 10% of small businesses in the United States, and a leading provider of banking services to den Mittelstand is in the United States. We provide a diversified range of banking, investment and mortgage products and services, and consumer and commercial financing through our four reportable business segments: Consumer Banking and Credit, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management . Wells Fargo was ranked #37 in Fortune’s 2021 ranking of America’s Largest Companies. 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. Wells Fargo news, insights and perspectives are also available at Wells Fargo Stories.

Visit www.wellsfargo.com | for more information Twitter: @WellsFargo

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Category of the press release: WF-SB

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