Wells Fargo donated $20 million to help Atlanta small business owners own more of their businesses’ assets, including property and equipment, and to enable physical updates to their facilities. In partnership with United Way of Greater Atlanta and Invest Atlanta, funds will be distributed to primarily Black and minority-owned businesses.
The donation comes from Wells Fargo’s Open for Business Fund, a roughly $420 million fund created in July 2020 to help racially and ethnically diverse small businesses survive the pandemic.
“As a company, we have a commitment to make the communities where we operate stronger, and to do it at a very local level,” said Charlie Scharf, Wells Fargo’s CEO. “Making a large donation in Atlanta — one of the largest donations we’ve made from the Open for Business Fund — was important to us. We know it will make a difference for small business owners here.”
Open for Business Fund grantees are estimated to reach more than 152,000 small business owners nationally, and will help entrepreneurs maintain more than 255,000 jobs.
“We are gratified to be selected for Wells Fargo’s Open for Business Fund program,” said Milton J. Little Jr., president and CEO of United Way of Greater Atlanta. "The Open for Business Fund aligns directly to United Way’s Economic Stability investment priority area, which is focused on ensuring that everyone, regardless of race, identity, or circumstances, has the opportunity to convert increased income to wealth.”