File photo
File photo
Wells Fargo recently donated $400 million to help small businesses that have been significantly impacted by the COVID-19 pandemic.
The financial institution championed the Open for Business Fund that will help small businesses during the coronavirus recovery process. Wells Fargo officials say the company will team up with nonprofit organizations to provide capital for these businesses.
From April to June, Wells Fargo provided loans under the PPP for more than 179,000 customers. According to the City of Fort Worth, the average loan amount was $56,000, totaling $10.1 billion.
"Of the loans made, 84% of those are for companies that have fewer 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," the Fort Worth website states.
Moreover, the Open for Business Fund’s original grants will allot $28 million to Community Development Financial Institutions, that are aimed at enabling Black-owned small businesses to stay afloat during the coronavirus crisis.
Alerts Sign-up