{"id":32394,"date":"2022-01-28T17:16:59","date_gmt":"2022-01-28T22:16:59","guid":{"rendered":"https:\/\/thegeorgiasun.com\/?p=32394"},"modified":"2023-09-24T16:11:41","modified_gmt":"2023-09-24T20:11:41","slug":"wells-fargo-donates-20-million-to-help-atlanta-small-businesses","status":"publish","type":"post","link":"https:\/\/thegeorgiasun.com\/?p=32394","title":{"rendered":"Wells Fargo donates $20 million to help Atlanta small businesses"},"content":{"rendered":"\n

ATLANTA<\/a> — Small businesses in Atlanta may soon be getting a boost thanks to a $20 million donation from Wells Fargo.<\/p>\n\n\n\n

The donation will help Atlanta small business owners own more of their businesses\u2019 assets\u2014 including property and equipment\u2014 to enable physical upgrades to their facilities. <\/p>\n\n\n\n

The United Way of Greater Atlanta\u2014in\u00a0collaboration with Invest Atlanta\u2014will distribute the funding as a mix of grants and loans in the city, with a focus on Black-owned and other diverse-owned businesses.<\/p>\n\n\n\n

\u201cThis Wells Fargo grant program gives small business owners the opportunity to grow and expand by owning more of their own assets\u2014which can be a game changer for the financial health of any\u00a0business,\u201d\u00a0said Mayor Andre Dickens<\/a>. \u201cAs a former small business owner, I understand the vital role of small businesses in Atlanta\u2019s economy and community, and we\u00a0are excited to announce this program in the first few weeks of our new administration.\u201d<\/p>\n\n\n\n

The donation comes from Wells Fargo\u2019s Open for Business Fund\u2014 a roughly $420 million fund the company created in July of 2020 to help small businesses stay open during the COVID-19 pandemic.\u00a0The 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\u00a0in 2020. Wells Fargo has collaborated with Community Development Financial Institutions (CDFIs) and local nonprofits across the nation to distribute funding.<\/p>\n\n\n\n

\u201cHelping small businesses persevere through the pandemic has been a major focus of ours for the past two years,\u201dsaid Charlie Scharf, Wells Fargo\u2019s CEO<\/strong>. \u201cAs a company, we have a commitment to make the communities where we operate stronger, and to do it at a very local level. Making a large donation in Atlanta<\/a> \u2014 one of the largest donations we\u2019ve made from the Open for Business Fund \u2014 was important to us. We know it will make a difference for small business owners here.\u201d<\/p>\n\n\n\n

United Way of Greater Atlanta, with expertise from Invest Atlanta, will administer the $20 million donation around four initiatives:<\/p>\n\n\n\n