Wells Fargo Launches Approximately $400 Million Small Business Recovery Effort
Back in April, Wells Fargo CEO Charlie Scharf announced that Wells Fargo would donate all of its Paycheck Protection Program (PPP) processing fees back to nonprofits serving the small business community – an industry-leading commitment.
To help accelerate the recovery of small businesses, yesterday we announced that 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 a new Open for Business Fund we will engage nonprofit organizations who serve diverse entrepreneurs to provide capital, training, and long-term recovery efforts.
As we continue to navigate these unprecedented times, Wells Fargo is committed to helping as many small businesses as possible navigate economic challenges. Our participation in PPP has already helped thousands of small businesses – 84% of which had fewer than 10 employees. Donating our PPP processing fees is another way Wells Fargo can create relief and long-term impact in the small business community.
This new small business recovery effort builds on our ongoing small business growth commitments, including the $175 million Wells Fargo Diverse Community Capital program and investing up to $50 million in Minority Depository Institutions. More information is available at our COVID-19 resources and support page.
- Beginning July 9, Wells Fargo will begin accepting applications 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. Nonprofits can learn more at www.wellsfargo.com/about/corporate-responsibility/community-giving.
- Additional grant cycles around technical assistance and long-term resiliency and recovery will open later. Please stay tuned.
- The Open for Business Fund launches with several grantees aimed at empowering Black and African American-owned small businesses, which are closing at nearly twice the rate of their counterparts.