Wells Fargo announces commitment to Small Business Recovery
We hope that you and all of your communities are staying well and safe.
At Wells Fargo, we know that the health, social, and economic crises of 2020 continue to have a profound impact on small businesses, particularly those owned by racially and ethnically diverse people. In April, Wells Fargo CEO Charlie Scharf announced that processing fees received under the Paycheck Protection Program (PPP) would be donated to nonprofits focused on small business recovery efforts. Through the new “Open for Business Fund,” Wells Fargo is seeking to support nonprofit organizations who serve small businesses, particularly those owned by racially and ethnically diverse people as they provide needed capital, offer technical support, and develop long-term community resiliency programs.
As part of that plan, we expect to award up to $250 million in grants to nonprofit Community Development Financial Institutions (CDFIs), CDFI Intermediaries and CDFI Funds for response to small business recovery efforts. We intend to prioritize CDFIs led by racially and ethnically diverse people and CDFIs focused on supporting small businesses owned by racially and ethnically diverse people.
Grant size will be determined based on evaluation of the organization’s capacity, geographic scope and alignment with the program’s selection criteria. Grants, generally ranging from $250,000 up to $5,000,000 may be awarded.
We invite your organization to review the attached guidelines and consider submitting an application for an award. The guidelines include eligibility requirements, selection criteria, and qualifying uses of funds, application information, and a general level outline of anticipated reporting expectations.
The application can be accessed at this unique URL: www.cybergrants.com/wellsfargo/OFB using the invitation code: OFBcdfi. Please do not use URLs or codes that you may have used in the past. You will need to use the code each time that you log-in to the application.
The application period opens on July 9, 2020 with applications due on August 7, 2020 (11:59 pm Pacific Time). Applications are expected to be evaluated and funded beginning in the 3rd Quarter 2020.
Additional Open for Business grant opportunities focused on technical assistance and recovery and resiliency will be announced in the fall. Reach out with any questions to firstname.lastname@example.org.