Wells Fargo grants $600,000 to help Lexington small businesses
LEXINGTON, Ky. (WTVQ/Press Release) – Wells Fargo has selected Community Ventures to receive grants from its Open for Business Fund, bringing nearly $600,000 to Lexington, Kentucky, to help underserved small businesses stay open and preserve jobs. The funding will enable these organizations to provide short- and long-term COVID-19 recovery efforts, technical assistance, and micro-lending programs for diverse small business owners.
The Open for Business Fund
is a roughly $420 million small business recovery effort across the U.S. to help entrepreneurs recover and rebuild. Through this initiative, Wells Fargo is engaging Community Development Financial Institutions (CDFIs) and nonprofits to provide much-needed capital, technical expertise, and long-term resiliency programs to small business owners who have been hard hit by COVID-19. Through May, the Open for Business Fund is helping a projected 35,000 minority-owned small businesses keep an estimated 90,000 jobs nationwide and we will continue to announce new grants throughout 2021.
The Open for Business Fund grant to Community Ventures will help minority-owned small businesses and entrepreneurs with vital business capital, as well as business training and technical assistance. Community Ventures will offer these affordable lending products with competitive rates for small businesses as part of their ongoing commitment to promote the value of entrepreneurship in Kentucky communities.
“The Open for Business Fund enlists the care and expertise of organizations like Community Ventures to urgently assist the small business community and to help navigate entrepreneurs back to growth.” said Jenny Flores, head of Small Business Growth Philanthropy. “Small Business owners inspire us with their resilience. It is incumbent on all of us to help enable an inclusive economic recovery for these entrepreneurs and the neighborhoods they support.”
“The Wells Fargo Open for Business funding will allow us to provide technical assistance and offer very attractive interest rates to small businesses recovering from the economic impact of the Covid Pandemic. The ability to access attractive financing is key to small businesses attempting to rebuild inventory, upgrade technology, or expand,” says Brenda Weaver, President of Lending, Community Ventures.