Wells Fargo Open for Business Fund
Wells Fargo will donate processing fees generated from the Paycheck Protection Program (PPP) to support nonprofits, including Community Development Financial Institutions (CDFIs), helping small businesses recover from the economic, health, and social crises of 2020. We anticipate awarding approximately $250 million in grants to CDFIs, CDFI intermediaries, and special‐purpose funds formed by CDFIs for rapid response to small businesses.
Possible uses of the granted funds by eligible CDFIs:
1) Grants, concessionary loans, and technical assistance/development services to small business owners;
2) Equity capital to increase capacity and manage risk, including additions to loan loss reserves;
3) Marketing, communications, and business outreach strategies and materials to reach small businesses needing assistance;
4) Product development to support immediate deployment of resources to small businesses;
5) Operating support in order to quickly deploy capital and services; and
6) Subsidies to cover reduced interest rates, loan fees, and guarantees.
Amount: Grants range from $250,000-$5,000,000 and will depend on the organization’s capacity and geographic scope.
Eligibility: Community Development Financial Institutions (CDFIs) that are tax-exempt and have completed at least 2 years of lending to small businesses. Applicants should also demonstrate a history of and intention to lend to small businesses owned by racially and ethnically diverse people and located in low to moderate-income communities. Deadline: The first deadline is August 7, 2020. Additional grant cycles focused on technical assistance, training, and long-term recovery will open later this year.
|Sector||Economic Development/Job Training|
|Deadline||August 7, 2020|