Wells Fargo announced a $20 million donation to help small business owners in Los Angeles own more of their businesses’ assets, including property and equipment. The Local Initiatives Support Corporation (LISC) of Los Angeles will distribute the funding as a mix of grants and loans in LA County, with a focus on diverse-led small businesses that have historically been underfunded.
“Despite diverse small businesses being the cornerstone of Los Angeles’ economy, many remain undercapitalized and lack the support network for business growth,” said Tunua Thrash-Ntuk, Executive Director of LISC LA. “This incredibly generous gift from Wells Fargo will help LISC LA continue our efforts to close the racial wealth and opportunity gaps in our community and expand on our work to invest directly in diverse entrepreneurs and provide them with the necessary support they so often do not receive.”
This donation comes from Wells Fargo’s Open for Business Fund, a roughly $420 million fund that the company created in July 2020 to help small businesses stay open during the COVID-19 pandemic. Wells Fargo has worked with Community Development Financial Institutions (CDFIs) and local nonprofits across the nation to distribute funding.
"Small businesses are the beating heart of our economy, which is why we’re committed to supporting them in recovering and building back stronger from the pandemic,” said LA Mayor Eric Garcetti. “Community partners like Wells Fargo are essential to this work and I look forward to seeing the difference this program will make for small businesses throughout our city."
