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Wells Fargo to donate about 400 million USD to small businesses impacted by coronavirus

Christian Fernsby ▼ | July 12, 2020
Wells Fargo unveiled the details of an approximately $400 million effort to help small businesses impacted by the ongoing coronavirus pandemic keep their doors open, retain employees, and rebuild.
Wells Fargo
Business   Wells Fargo
Through Wells Fargo’s new Open for Business Fund, the company will engage nonprofit organizations to provide capital, technical support, and long-term resiliency programs to small businesses with an emphasis on those that are minority-owned businesses.

Topics: Wells Fargo

Through June 30, Wells Fargo funded loans under the PPP for more than 179,000 customers, with an average loan amount of $56,000, totaling $10.1 billion.

Of the loans made, 84% of those are for companies that have less than 10 employees; 60% were for amounts of $25,000 or less; and, 90% of these applicants had $2 million or less in annual revenue.

Given the federal government’s extension of the PPP, Wells Fargo will reopen its PPP loan application process to eligible customers as soon as possible through a link in Business Online Banking or CEO.

“By donating approximately $400 million in processing fees to assist small businesses in need, Wells Fargo’s Open for Business Fund creates opportunities for near-term access to capital and addresses the road ahead to meaningful economic recovery, especially for Black and African American entrepreneurs and other minority-owned businesses,” said Wells Fargo CEO Charlie Scharf.

“Wells Fargo is committed to helping small businesses impacted by COVID-19 stay open and get back to growth.”

According to data from Wells Fargo’s June Gallup/Small Business Index, more than half of small business owners surveyed expect either stagnant or decreasing revenues in the coming 12 months.


 

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