Financial services firm Wells Fargo offers a range of services to both investors and consumers. Through its 12,000 financial advisors nationwide, Wells Fargo provides advice to individuals and investors and has a community platform such as the Open for Business Fund designed to give back. The Open for Business Fund is an initiative of Wells Fargo to address problems that arose out of the pandemic and to help racially and ethnically diverse small businesses recover. The fund also created advances for economic opportunity for small businesses in metropolises around the country. In 2021 and 2022, Wells Fargo assisted small businesses in Los Angeles, Charlotte (Carolinas), and Atlanta.

1. Wells Fargo Open for Business Supports
Small Business Nationwide
Walt Hommerding

2. Introduction
Financial services firm Wells Fargo offers a range of services to both investors
and consumers. Through its 12,000 financial advisors nationwide, Wells Fargo
provides advice to individuals and investors and has a community platform such
as the Open for Business Fund designed to give back.

3. The Open for Business Fund is an initiative of Wells Fargo to address
problems that arose out of the pandemic and to help racially and ethnically
diverse small businesses recover. The fund also created advances for
economic opportunity for small businesses in metropolises around the
country. In 2021 and 2022, Wells Fargo assisted small businesses in Los
Angeles, Charlotte (Carolinas), and Atlanta.

4. In November 2021, the Foundation For the Carolinas received $20 million to
aid small business owners in Charlotte own more o assets like property,
equipment, and technology. Once in receipt of the funds, the Foundation
will disburse the funding in grants. The grants are estimated to reach at
least 1,000 businesses in the following three years.

5. Against the backdrop of Wells Fargo and the Foundation For The Carolinas
effort, data shows that owning assets is a priority for business owners.
According to data published in a 2021 release, 75 percent (three out of four)
of business owners report that owning or upgrading their assets is essential.
Moreover, 57 percent believe that owning their assets while being asset
debt-free would significantly improve the financial health of their
companies.

6. In January 2022, Wells Fargo made another grant award of $20 million to
small businesses owners in Atlanta, so they might also own their business
assets. However, this time, the funding will be disbursed through a
collaboration between the United Way of Greater Atlanta and Invest
Atlanta. These two entities will provide black-owned and other diverse-
owned businesses the opportunity to get funding through a mix of grants
and loans.

7. The two entities have established four initiatives to disburse the funding:
the small business loan fund, asset-building assistance, façade improvement
grants, and commercial ownership growth. Capped at a three percent
interest rate, this loan is designed to help small businesses grow ownership
of assets.

8. Through asset-building assistance, the two entities will work with non-profit
organizations to show approximately 200 small businesses asset-building
strategies, such as exchanging renting commercial property to own it.
Finally, the commercial ownership growth program will assist small
businesses by providing up to $200,000 grants to purchase properties.

9. The Open for Business Fund in Los Angeles operates similarly. Announced in
February 2022, Wells Fargo intends to award the city $20,000 a mix of
grants and loans spread throughout four program types.

10. This time the funding will be disbursed through LA’s Local Initiatives Support
Coalition (LISC) and the Inclusive Action for the City (IAC). Businesses can
apply for acquisition assistance, which is a forgivable loan of up to $500,000
for purchases in the city. Through the growth capital fund, small businesses
can borrow up to $250,000 to finance purchases on equipment.

11. Small businesses in LA can also apply for a micro-loan or a grant. The
microloans are for up to $30,000 to purchase assets and are capped at three
percent. Alternatively, they have made available $5,000 for 150 small
businesses generating $300,000 or less money annually to help them
recover. For more information regarding Wells Fargo and its investment arm
Wells Fargo Advisors, please call (949)759-4564.