Wells Fargo $400 Million Small Business Recovery Effort
To help accelerate the recovery of small businesses, Wells Fargo will donate approximately $400 million in processing fees from the Paycheck Protection Program (PPP) to help small businesses keep their doors open, retain employees, and rebuild. Wells Fargo is donating gross PPP processing fees and is not keeping any portion of the PPP processing fees.
Through this new Open for Business Fund, Wells Fargo will engage nonprofit organizations who serve diverse entrepreneurs to provide capital, training, and long-term recovery efforts.
Applications are now being accepted from Community Development Financial institutions (CDFIs), nonprofit lenders and special purpose funds formed by CDFIs with an emphasis on serving racially and ethnically diverse-owned businesses.
