SAN FRANCISCO–(BUSINESS WIRE)–Right now, Wells Fargo pronounces the Small Business Resource Navigator, a web-based portal serving to join small enterprise homeowners to potential financing choices and technical help by means of Neighborhood Growth Monetary Establishments (CDFIs) throughout the nation. The portal was launched in collaboration with the non-profit Neighborhood Reinvestment Fund, USA, and was made potential by the Wells Fargo Open for Enterprise Fund. By visiting www.bizresourcenavigator.com and finishing a brief questionnaire, small companies could also be related to CDFIs or enterprise advisory sources of their space.
“Because the uncertainties of the COVID-19 pandemic persist, small companies proceed to wish our assist,” stated Derek Ellington, head of Small Enterprise at Wells Fargo. “We see plenty of worth in supporting a useful resource like this to assist small companies hook up with as many choices as potential. The Small Enterprise Useful resource Navigator connects small enterprise homeowners to potential capital help offered by a CDFI who may assist meet their wants, and serves as a significant time saver for busy entrepreneurs permitting them to remain centered on their enterprise.”
Since 2015, Wells Fargo has offered greater than $500 million in philanthropic grants and investments to CDFIs that assist underserved small companies. Ellington added, “We’ve lengthy understood the influence of CDFIs. They’re an essential a part of our monetary ecosystem embedded in communities throughout America offering small companies in want with capital and different help they might not in any other case qualify for by means of conventional financing. We’re proud to increase our help of the work CDFIs do by serving to route small companies to those important organizations for lending, technical help and help.”
“Wells Fargo has been devoted to serving to small companies for a few years, however particularly, getting them by means of the present atmosphere,” says Patrick Davis, SVP of Technique with Neighborhood Reinvestment Fund, USA. “This help is extraordinarily well timed because it helps join small companies with CDFIs who can probably present them entry to funding and sources that can assist homeowners get again on their toes. CDFIs are an essential a part of the monetary ecosystem and play a essential position in deploying capital to small companies with a historical past of underrepresentation, and it is nice to see that Wells Fargo is so dedicated to the success of small enterprise throughout the U.S.”
In 2020, Wells Fargo introduced the Open for Enterprise Fund, a roughly $420 million small enterprise reduction effort centered on small companies hardest hit by COVID-19, together with Black, African-American, Hispanic, Asian, Native American, ladies and plenty of others. Grants had been awarded to greater than 235 CDFIs and nonprofits serving small companies throughout the U.S. The Open for Enterprise Fund is estimated to serve greater than 152,000 small companies and protect or create greater than 255,000 jobs. Roughly 85% of small companies served by Open for Enterprise Fund grantees are projected to achieve racially and ethnically various entrepreneurs.
Ann Finnegan, president of NDC Neighborhood Influence Mortgage Fund, an Open for Enterprise Fund grant recipient and collaborating CDFI on the Small Enterprise Useful resource Navigator community says, “We’re excited for the chance to attach with extra small companies in want. This platform is a vital software to help our lending mission to minority and women-owned small companies and non-profits.”
For extra details about Wells Fargo’s work with small companies, go to www.wellsfargo.com/impact.
About Wells Fargo
Wells Fargo & Firm (NYSE: WFC) is a number one monetary companies firm that has roughly $1.9 trillion in property, proudly serves one in three U.S. households and greater than 10% of small companies within the U.S., and is a number one center market banking supplier within the U.S. We offer a diversified set of banking, funding and mortgage services, in addition to client and business finance, by means of our 4 reportable working segments: Shopper Banking and Lending, Industrial Banking, Company and Funding Banking, and Wealth & Funding Administration. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest companies. Within the communities we serve, the corporate focuses its social influence on constructing a sustainable, inclusive future for all by supporting housing affordability, small enterprise development, monetary well being, and a low-carbon economic system. Information, insights, and views from Wells Fargo are additionally out there at Wells Fargo Tales.
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