Small Businesses Now Have More Financing and Technical Assistance Options from Wells Fargo
in Business by Mitch Alborn
The site was developed in conjunction with the non-profit Community Reinvestment Fund, USA, and was funded by the Wells Fargo Open for Business Fund. According to a news release, small companies can be linked to CDFIs or business advisory services in their region by visiting www.bizresourcenavigator.com and completing a brief questionnaire.
"As the COVID-19 pandemic's concerns linger, small companies continue to require our assistance," said Derek Ellington, Wells Fargo's head of Small Business.
"We see a lot of value in helping small companies connect to as many possibilities as possible by funding a resource like this." The Small Company Resource Navigator connects small business owners to prospective capital assistance given by a CDFI who may help fulfill their needs, and it saves time for busy entrepreneurs, allowing them to focus on their business."
Wells Fargo has given more than $500 million in charitable grants and investments to CDFIs that assist underprivileged small businesses since 2015.
"We've long known the impact of CDFIs," Ellington added. They are a crucial element of our financial ecosystem, rooted in communities across America, giving cash and other help to small firms that might not otherwise qualify for standard finance. We are pleased to broaden our support for CDFIs' work by directing small companies to these critical organizations for loans, technical assistance, and support."
"For many years, Wells Fargo has been committed to assisting small companies, particularly in navigating the present climate," says Patrick Davis, SVP of Strategy at Community Reinvestment Fund, USA.
"This assistance is particularly opportune since it connects small companies with CDFIs, which may possibly offer them with cash and services to help owners get back on their feet." CDFIs are an important element of the financial ecosystem and play a crucial role in deploying capital to small companies that have a history of underrepresentation, and it's terrific to see Wells Fargo is so dedicated to the success of small businesses across the United States."
Wells Fargo established the Open for Company Fund in 2020, an approximately $420 million small business relief initiative aimed at small companies most impacted by COVID-19, including Black, African-American, Hispanic, Asian, Native American, women, and others. More than 235 CDFIs and organizations assisting small companies in the United States received grants. More than 152,000 small firms are expected to benefit from the Open for Business Fund, which is expected to save or generate more than 255,000 jobs. It is expected that roughly 85 percent of small businesses served by Open for Business Fund grantees will reach racially and ethnically diverse entrepreneurs.
"We are pleased about the chance to engage with additional small companies in need," says Ann Finnegan, president of NDC Community Impact Loan Fund, an Open for Business Fund award winner and participating CDFI on the Small Business Resource Navigator network. This platform is a critical tool in assisting us in our lending goal to minority and women-owned small companies and non-profits."
