An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Wells Fargo Introduces Small Businesses to Alternative Options for Financing and Technical Assistance
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Wells Fargo (NYSE: WFC) partners with the Community Reinvestment Fund, USA to launch the Small Business Resource Navigator, an online portal designed to connect small business owners with financing and technical assistance from Community Development Financial Institutions (CDFIs). Since 2015, Wells Fargo has invested over $500 million in philanthropic grants to CDFIs. The Open for Business Fund, initiated in 2020, aims to support small businesses affected by COVID-19, serving over 152,000 businesses and preserving 255,000 jobs.
Positive
Launch of Small Business Resource Navigator to aid small businesses.
Investment of over $500 million in CDFIs since 2015.
Open for Business Fund projected to serve over 152,000 small businesses and preserve 255,000 jobs.
Negative
None.
Company collaborates with Community Reinvestment Fund, USA to continue the support of small business recovery from the pandemic
SAN FRANCISCO--(BUSINESS WIRE)--
Today, Wells Fargo announces the Small Business Resource Navigator, an online portal helping connect small business owners to potential financing options and technical assistance through Community Development Financial Institutions (CDFIs) across the country. The portal was launched in collaboration with the non-profit Community Reinvestment Fund, USA, and was made possible by the Wells Fargo Open for Business Fund. By visiting www.bizresourcenavigator.com and completing a short questionnaire, small businesses may be connected to CDFIs or business advisory resources in their area.
Wells Fargo Introduces Small Businesses to Alternative Options for Financing and Technical Assistance (Photo: Wells Fargo)
“As the uncertainties of the COVID-19 pandemic persist, small businesses continue to need our help,” said Derek Ellington, head of Small Business at Wells Fargo. “We see a lot of value in supporting a resource like this to help small businesses connect to as many options as possible. The Small Business Resource Navigator connects small business owners to potential capital assistance provided by a CDFI who could help meet their needs, and serves as a major time saver for busy entrepreneurs allowing them to stay focused 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’ve long understood the impact of CDFIs. They are an important part of our financial ecosystem embedded in communities across America providing small businesses in need with capital and other assistance they may not otherwise qualify for through traditional financing. We are proud to expand our support of the work CDFIs do by helping route small businesses to these vital organizations for lending, technical assistance and support.”
"Wells Fargo has been dedicated to helping small businesses for many years, but in particular, getting them through the current environment,” says Patrick Davis, SVP of Strategy with Community Reinvestment Fund, USA. "This support is extremely timely as it helps connect small businesses with CDFIs who can potentially provide them access to funding and resources that will help owners get back on their feet. CDFIs are an important part of the financial ecosystem and play a critical role in deploying capital to small businesses with a history of underrepresentation, and it's great to see that Wells Fargo is so committed to the success of small business across the U.S.”
In 2020, Wells Fargo announced the Open for Business Fund, a roughly $420 million small business relief effort focused on small businesses hardest hit by COVID-19, including Black, African-American, Hispanic, Asian, Native American, women and many others. Grants were awarded to more than 235 CDFIs and nonprofits serving small businesses across the U.S. The Open for Business Fund is estimated to serve more than 152,000 small businesses and preserve or create more than 255,000 jobs. Roughly 85% of small businesses served by Open for Business Fund grantees are projected to reach racially and ethnically diverse entrepreneurs.
Ann Finnegan, president of NDC Community Impact Loan Fund, an Open for Business Fund grant recipient and participating CDFI on the Small Business Resource Navigator network says, “We are excited for the opportunity to connect with more small businesses in need. This platform is an important tool to support our lending mission to minority and women-owned small businesses and non-profits.”
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 that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. 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. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo
Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the “Forward-Looking Statements” discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, available on its website at www.sec.gov.
What is the Small Business Resource Navigator by Wells Fargo?
The Small Business Resource Navigator is an online portal launched by Wells Fargo to help small business owners connect with financing options and technical assistance from Community Development Financial Institutions (CDFIs).
How much has Wells Fargo invested in CDFIs since 2015?
Wells Fargo has invested over $500 million in philanthropic grants and investments to Community Development Financial Institutions (CDFIs) since 2015.
What is the purpose of the Open for Business Fund by Wells Fargo?
The Open for Business Fund, initiated in 2020, aims to support small businesses hardest hit by COVID-19, providing access to grants and resources.
How many businesses does the Open for Business Fund aim to serve?
The Open for Business Fund is estimated to serve over 152,000 small businesses.
What impact is the Small Business Resource Navigator expected to have?
The Small Business Resource Navigator is designed to connect small business owners with potential capital assistance from CDFIs, helping them recover from pandemic-related challenges.
