Wells Fargo donates $20M to strengthen Atlanta’s small businesses

Friday, January 28th, Atlanta Mayor Andre Dickens joined Wells Fargo leadership as they announced a $20 million donation to help Atlanta small business owners own more of their businesses’ assets—including property and equipment—to enable physical upgrades to their facilities. The United Way of Greater Atlanta—in collaboration with Invest Atlanta—will distribute the funding as a mix of grants and loans in the city, with a focus on Black-owned and other diverse-owned businesses.

“This Wells Fargo grant program gives small business owners the opportunity to grow and expand by owning more of their own assets—which can be a game changer for the financial health of any business,” said Mayor Andre Dickens. “As a former small business owner, I understand the vital role of small businesses in Atlanta’s economy and community, and we are excited to announce this program in the first few weeks of our new administration.”

Atlanta Mayor Andre Dickens speaks during an event at the National Center for Civil and Human Rights on Friday, January 28, 2022. (Photo: Itoro N. Umontuen/The Atlanta Voice)

The donation comes from Wells Fargo’s Open for Business Fund—a roughly $420 million fund the company created in July of 2020 to help small businesses stay open during the COVID-19 pandemic. The fund has focused on racially and ethnically diverse small businesses, which have been disproportionately impacted by the pandemic. The fund was created from the gross processing fees Wells Fargo made from administering Paycheck Protection Program loans in 2020. Wells Fargo has collaborated with Community Development Financial Institutions (CDFIs) and local nonprofits across the nation to distribute funding.

Source link


Read Previous

CNN President Jeff Zucker Resigns After Failing To Disclose Relationship – CBS Atlanta

Read Next

Georgia House panel advances broad school voucher plan – CBS Atlanta

Leave a Reply

Your email address will not be published. Required fields are marked *