Small businesses are the backbone of our nation’s economy and the communities we call home – and just as importantly, they are the key to millions of jobs. Wells Fargo has announced a donation of approximately $400 million in gross processing fees from the Payment Protection Program to support nonprofit organizations who serve small businesses, particularly those hardest hit by COVID-19.
The small business recovery effort is called the Open for Business Fund and focuses on helping small businesses, open, recover, and rebuild.
This new Open for Business Fund will focus on three areas: Access to capital through nonprofit and community lenders, also called Community Development Financial Institutions (CDFIs); technical assistance through nonprofits who work with entrepreneurs on business planning, marketing, supply chain management, budgeting and more; and recovery and resiliency grants to nonprofits focused on programs that stimulate longer-term small business economic development and policy reforms.
Technical assistance includes programs and services that ensure small business viability through growth, expansion, innovation, increased productivity and management improvement, especially as it relates to making informed business decisions to navigate the economic effects of COVID-19.
To be eligible for funding as part of the technical assistance grant cycle, organizations must: Have a tax-exempt status as a 501(c)(3) public charity as defined under the Internal Revenue Code.
For-profit social enterprises and/or certified B corporations may apply as part of a collaborative, however, the organization submitting the application and receiving the funds must be a 501(c)(3) tax exempt nonprofit; be located in and serving the U.S., including the territories of Puerto Rico and the U.S. Virgin Islands; offer compelling technical assistance strategies that supports small business growth; have at least a one-year history of demonstrated commitment to serve diverse, small businesses, especially those led and owned by Black, African-American, Latino, Asian-American, Pacific Islander, Native-American, and Alaska Natives, among others; have organizational capacity and readiness to deploy and activate strategy quickly to help small businesses adjust, recover, and thrive in the new economic normal.
The technical assistance application process runs through October 23. Grants will support nonprofit organizations providing technical assistance to diverse-owned small businesses, including nonprofits and sole proprietorships, all under 500 employees.
Organizations can learn more about the application process and full criteria to qualify at www.wellsfargo.com/about/ corporate-responsibility/ community-giving.
